Canada’s money laundering watchdog fines Sask. casino operator nearly $1.2M

WATCH: Canada’s money laundering watchdog has fined a Sask. casino operator nearly $1.2 million for non compliance with anti money laundering regulations.

Canada’s money laundering watchdog has fined the Saskatchewan Indian Gaming Authority (SIGA) nearly $1.2 million for non-compliance with anti-money laundering regulations.

According to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), SIGA, which operates seven casinos in Saskatchewan, failed to meet its obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

FINTRAC says SIGA failed to submit suspicious transaction reports, failed to report suspicious transactions with the prescribed information, and failed to develop and apply written compliance policies and procedures.

According to FINTRAC, the penalty totalling $1,175,000 was imposed on Aug. 28.

“FINTRAC works with businesses to help them understand and comply with their obligations under the Act. We are also firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed,” said Sarah Paquet, director and chief executive officer of FINTRAC.

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FINTRAC says as Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing supervisor, it ensures businesses comply with anti-money laundering and anti-terrorist financing regulations.

The agency says it has imposed more than 150 penalties since 2008, including 23 notices of violation totalling over $25 million in 2024-25.

In a statement issued Friday afternoon, SIGA says the penalty is only for administrative reporting requirements and says there are no financial crimes at any of its properties.

“There is no money laundering, terrorist financing, or other financial crimes at SIGA’s properties. FINTRAC is the organization responsible for monitoring and investigating financial transactions to detect and prevent money laundering, terrorist financing, and other financial crimes,” the statement read.

It says it does not agree with the violations found by FINTRAC and will be appealing it, along with the penalties assessed to federal court.