The Saskatchewan Indian Gaming Authority (SIGA) says it will appeal a $1.175 million penalty imposed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), stressing that the matter concerns administrative reporting requirements only and does not involve allegations of money laundering or other financial crimes.
SIGA Pushes Back on Findings
In a statement, SIGA emphasized that the fine is unrelated to money laundering, terrorist financing, or any other criminal activity at its casinos. The Authority underscored its ongoing cooperation with regulators and its commitment to maintaining strong compliance standards.
“This penalty relates solely to administrative reporting requirements,” SIGA noted, adding that it disagrees with both the violations cited and the size of the penalty. The organization confirmed it will challenge FINTRAC’s findings in Federal Court.
FINTRAC’s Role and Allegations
FINTRAC, Canada’s financial intelligence unit, monitors transactions to help detect and prevent money laundering, terrorist financing, and other threats to national security.
According to the agency, SIGA committed several administrative breaches, including:
- Failing to file suspicious transaction reports when there were reasonable grounds to suspect links to money laundering or terrorist financing.
- Submitting reports that lacked required information.
- Not maintaining up-to-date written compliance policies and procedures approved by a senior officer.
The fine, issued on August 28, was levied under Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its regulations.
FINTRAC’s Position
Sarah Paquet, FINTRAC’s Director and CEO, said the agency’s mandate is to protect Canadians and the economy by enforcing anti-money laundering and anti-terrorist financing laws. She noted that while FINTRAC works with businesses to help them understand their obligations, it will also take firm action when organizations fail to meet compliance standards.
