Based on PANews, Canadian anti-money laundering regulator FINTRAC has imposed a record $126 million fine on Xeltox Enterprises Ltd. (operating as Cryptomus) for thousands of violations of suspicious transaction reporting rules within a single month. The Vancouver-based firm provides cryptocurrency transaction, payment, wallet, and peer-to-peer trading services. FINTRAC CEO Sarah Paquet stated that the severity of the violations necessitated an unprecedented enforcement action. The regulator noted that Cryptomus failed to report over 1,000 transactions suspected of money laundering or terrorist financing in July 2024, and also did not report over 1,500 transactions where a customer received more than 10,000 Canadian dollars in virtual currency during the same period.
Crypto Firm Cryptomus Fined $126M by Canadian Regulator for AML Violations
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