Fintrac imposes $544,500 penalty on investment firm Canaccord Genuity
By The Canadian Press
July 03, 2025
OTTAWA — Canada’s financial watchdog says Canaccord Genuity Corp. has paid a $544,500 fine after a compliance examination in 2023.
The Financial Transactions and Reports Analysis Centre of Canada says the penalty was for violations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations.
Market chart of CF:CT
CF:CT
$10.53+0.10+0.96%
As of:July 4, 2025 at 8:58 AM
Fintrac says Canaccord Genuity failed to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions or attempted transactions were related to a money laundering or terrorist financing.Real-time TSX market updates here
It also says the firm failed to develop and apply written compliance policies and procedures that are kept up to date and approved by a senior officer.
Fintrac added that Canaccord Genuity failed to assess and document the risk of a money laundering or terrorist financing and failed to take special measures for high risk situations.
Canaccord Genuity did not immediately respond to a request for comment.
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This report by The Canadian Press was first published July 3, 2025.
By The Canadian Press
July 03, 2025
The logo for Canaccord Genuity in Toronto
OTTAWA — Canada’s financial watchdog says Canaccord Genuity Corp. has paid a $544,500 fine after a compliance examination in 2023.
The Financial Transactions and Reports Analysis Centre of Canada says the penalty was for violations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations.
Market chart of CF:CT
CF:CT
$10.53+0.10+0.96%
As of:July 4, 2025 at 8:58 AM
Fintrac says Canaccord Genuity failed to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions or attempted transactions were related to a money laundering or terrorist financing.Real-time TSX market updates here
It also says the firm failed to develop and apply written compliance policies and procedures that are kept up to date and approved by a senior officer.
Fintrac added that Canaccord Genuity failed to assess and document the risk of a money laundering or terrorist financing and failed to take special measures for high risk situations.
Canaccord Genuity did not immediately respond to a request for comment.
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This report by The Canadian Press was first published July 3, 2025.
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