The B.C. Lottery Corporation (BCLC) has been fined more than $1 million for failing to comply with federal anti-money laundering laws.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced it issued an administrative monetary penalty of $1,075,000 on July 17 after a compliance review. BCLC, headquartered in Kamloops, oversees lottery sales, casinos, and online gaming across the province.
FINTRAC said the Crown corporation failed to report suspicious transactions, did not have adequate policies for high-risk clients, and neglected to apply required special measures for those clients.
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy,” said FINTRAC director and CEO Sarah Paquet. “We are also firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
The fine was issued under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
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