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The Saskatchewan Indian Gaming Authority (SIGA) denies the allegations and plans to appeal to the federal court.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced on Friday that it had imposed an administrative monetary penalty of over $1.175 million on SIGA for violating multiple regulations.
FINTRAC is the organization responsible for monitoring and investigating financial transactions to detect and prevent money laundering, terrorist financing and other financial crimes.
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It claims SIGA was found to have committed multiple administrative violations, including: failure to submit suspicious transaction reports when there was reasonable grounds to suspect transactions were related to money laundering or terrorist activity, failure to report suspicious transactions with the prescribed information and failure to develop and apply written compliance policies and procedures that are kept up to date, and, in the case of an entity, are approved by a senior officer.
The penalty was imposed on Aug. 28 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations.
“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,” Sarah Paquet, Director and CEO of FINTRAC, said in a statement.
“FINTRAC works with businesses to help them understand and comply with their obligations under the Act. We are also firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
SIGA denies allegations
In a statement on its website, SIGA said the penalty is based on administrative reporting requirements only.
“There is no money laundering, terrorist financing, or other financial crimes at SIGA’s properties,” the statement read.
SIGA said it works with several regulatory bodies, and it places a high priority on supporting and maintaining compliance with regulatory standards.
It denies the violations found by FINTRAC and does not agree with the penalties imposed.
“SIGA will be appealing both the finding of violations and the penalties assessed to the Federal Court,” it said.
