- Canada's anti-money-laundering agency FINTRAC said it imposed a US$126 million fine on virtual asset platform 'Cryptomus'.
- FINTRAC's investigation found that more than 1,000 suspicious transactions and over 1,500 large virtual asset transactions went unreported between July 1 and 31, 2024.
- It said the unreported transactions included serious crimes such as child sexual exploitation material, fraud, ransomware payments, and evasion of sanctions against Russia.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Canada's anti-money-laundering agency FINTRAC has imposed the largest-ever fine on Vancouver-based virtual asset platform 'Cryptomus' for violations of the Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) laws.
According to CoinDesk on the 23rd (local time), FINTRAC imposed a penalty of CAD 176.96 million (about US$126 million) on Xeltox Enterprises Ltd., which operates Cryptomus. The sanction relates to more than 1,000 unreported suspicious transactions and over 1,500 large virtual asset transactions between July 1 and 31, 2024.
FINTRAC's investigation found that the unreported transactions included cases linked to serious crimes such as the distribution of child sexual exploitation material, fraud, ransomware payments, and evasion of sanctions against Russia.
FINTRAC said, "Because many of the violations in this case were related to transactions involving child sexual exploitation material, fraud, ransomware payments, and sanctions evasion, unprecedentedly strong sanction measures were unavoidable."
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