https://www.westernstandard.news/news/cne-casino-fined-199000-for-money-laundering-violations/67275

Toronto’s Canadian National Exhibition has been hit with a $199,000 fine after regulators said its fairground casino failed to comply with federal anti-money laundering rules.

The Financial Transactions and Reports Analysis Centre said a July 11 inspection found the casino had not properly assessed the risks of money laundering or terrorist financing tied to its operations.

Blacklock's Reporter said it also failed to document compliance with the Proceeds Of Crime And Terrorist Financing Act, which requires reporting of all cash transactions over $10,000 or any suspicious activity.

Regulators said CNE Casino could not prove it had conducted the annual compliance review it claimed to perform, and its system for flagging high-risk transactions fell short of legislative standards.

“A risk-based assessment helps identify, document and mitigate risks,” the agency said.

Penalties of this kind are unusual but not unheard of.

The BC Lottery Corporation was fined $1 million last month, while a Montréal casino run by Loto-Québec was fined $147,015 in 2020.

Mark Holland, former Liberal health minister who became CEO of the CNE Association on July 29, declined comment on the fine.