Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeNewsEconomyAtlantic Lottery pays price for failing to report suspicious transactionAtlantic Lottery says it will work with FINTRAC on ongoing improvements to its anti-money laundering compliance programLast updated 3 hours ago You can save this article by registering for free here. Or sign-in if you have an account.Atlantic Lottery Corporation's head office on Main Street in Moncton, New Brunswick. Photo by BRUNSWICK NEWS ARCHIVESAtlantic Lottery Corporation Inc. has been hit with a hefty fine after it was discovered the corporation failed to report a suspicious transaction.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorOn July 9, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued a release saying a monetary penalty of $212,025 was imposed on May 29, after an investigation found the corporation had committed non-compliance violations under Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations.FINTRAC discovered three violations, including the failure to submit a suspicious transaction report where there were reasonable grounds to suspect a transaction or attempted transaction was related to the commission or attempted commission of a money laundering or terrorist activity financing offence.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againThe other violations included a failure to develop and apply written compliance policies and procedures that are updated and approved by a senior officer as well as failure to assess and document the risk of money laundering or a terrorist activity financing offence, taking into consideration the prescribed factors.Atlantic Lottery issued a statement on July 10, saying the findings are administrative in nature and do not include any allegations of money laundering, terrorist financing, criminal activity or willful misconduct by Atlantic Lottery or its players.The statement says Atlantic Lottery takes its regulatory and compliance obligations seriously and remains committed to maintaining a robust anti-money laundering program across its operations.“The organization has established policies, procedures and controls designed to detect and deter money laundering and other financial crime. Atlantic Lottery works closely with regulators, law enforcement and industry partners to continuously strengthen those measures,” it reads.FINTRAC’s acting director and chief executive officer Stéphane Sirard explained the fine in the release.“Canada’s anti-money laundering and anti-terrorist financing regime is in place to protect the safety of Canadians, the security of Canadian businesses and the integrity of Canada’s financial system,” he said.“The obligations in the act deter criminals and terrorists from operating in the legitimate economy and ensure that FINTRAC receives the reporting needed to generate actionable financial intelligence in support of law enforcement and national security investigations. We will take firm action, when it is required, to ensure that businesses do their part and fulfill these obligations.”Atlantic Lottery says while it has full confidence that its compliance program meets or exceeds its obligations, the corporation will not dispute FINTRAC’s findings through a legal appeal.“It is not in the best interest of Atlantic Canadians to divert funds that would otherwise be returned to provincial shareholders,” the statement reads. “As such, Atlantic Lottery has paid the administrative penalty outlined by FINTRAC, concluding the examination.”Atlantic Lottery says it will continue to work with FINTRAC on ongoing improvements to its anti-money laundering compliance program. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.