The post BC Lottery Corp Claims FINTRAC “Ambushed” It in Money Laundering Probe appeared first on Vegas Slots Online News.
The British Columbia Lottery Corporation has claimed that it has been targeted and “ambushed” by the nation’s financial regulator.
The BC Lottery Corp filed a notice of appeal last week against the Financial Transactions and Reports Analysis Center of Canada (FINTRAC). It claims that FINTRAC wrongfully penalized it for violating money laundering and terrorisms financing laws.
“ambushed” without the chance to correct FINTRAC’s misjudgements
The lottery firm says that it wasn’t notified about the investigation, and was “ambushed” without the chance to correct FINTRAC’s misjudgements. The probe ultimately resulted in CA$1m+ (US$730,000) of fines for BC Lottery Corp.
The company claims that it has fully complied with Canadian law in all instances, and FINTRAC focused on one casino patron and their “frequent use of $100 bills.” BC Lottery Corp deemed this an “irrelevant factor” that FINTRAC used for the basis of its case.
The financial regulator also concluded that the operator should have filed a suspicious transaction report over this customer given their “behavior and responses to interview questions.” However, BC Lottery Corp claims this was due to the patron’s English language skills.
Through the appeal, the lottery corporation is hoping to either cancel out the penalties or have them reduced.
The post BC Lottery Corp Claims FINTRAC “Ambushed” It in Money Laundering Probe appeared first on Vegas Slots Online News.
