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FINTRAC fines jewelry chain $264,000 for AML compliance failures

Examining a precious gemstone
Photo: Marco Piunti/Getty Images

Alexander Barzacanos

1 min read
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The penalty comes amidst a push by Canadian legislators for tougher AML penalties and lower thresholds for scrutiny.

Spence Diamonds Ltd., a retail jeweler with locations across Vancouver, Calgary, Edmonton, Toronto, and Ottawa, has been fined for multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its regulations.

The penalty, announced on September 23, stems from a compliance examination conducted earlier thisadministrative

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