Canada Watchdog Slaps Atlantic Lottery With $212K Fine
Atlantic Lottery Hit With $212K Penalty Over Financial Compliance Violations
The Atlantic Lottery Corporation has been fined $212,025 after Canada's financial watchdog found the organization failed to meet key anti-money laundering and terrorist financing requirements.
Key findings from the investigation:
- Failed to report a suspicious transaction.
- Did not keep internal compliance policies up to date.
- Fell short in monitoring and assessing financial crime risks.
The administrative penalty was issued on May 29 by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) under the country's anti-money laundering legislation.
Atlantic Lottery, which operates lottery games, online gaming, sports betting, and video lottery services throughout Canada's Atlantic provinces, said it takes financial crime prevention seriously. The corporation stated it continues to work with regulators and law enforcement to strengthen its compliance efforts.
Although Atlantic Lottery believes its compliance program meets or exceeds regulatory expectations, it chose not to appeal the penalty.
FINTRAC also noted that it handed out 35 non-compliance penalties to Canadian businesses over the past year—the highest annual total the agency has recorded.
