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LATEST: Canada’s FINTRAC hits Binance with $6M fine for AML failures

BINANCE FINED: Sarah Paquet, FINTRAC’s director and CEO, said companies abiding by the country’s AML regulations are vital to “protect the safety of Canadians and the security of Canada’s economy”. 

By PAUL O’DONOGHUE, Senior Correspondent Cryptocurrency exchange Binance has been handed a $6M fine by Canada’s FINTRAC due to problems with its AML reporting. FINTRAC,Canada’s national financial intelligence agency, said that it imposed the penalty on Binance for non-compliance with part of Canada’s ‘Proceeds of Crime (Money Laundering) and Terrorist Financing Act’. The organisation said…

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