Who was sanctioned, and for what?

According to FINTRAC, Spence Diamonds Ltd. is a dealer in precious metals and stones. Canada's anti-money laundering regulator FINTRAC imposed an administrative monetary penalty of CAD 264,000 on the company on 8 May 2025. According to FINTRAC's findings, made during a compliance examination, the company committed 5 violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its regulations. As described by the regulator, the violations concerned suspicious transaction reporting, written compliance policies and procedures, assessing and documenting money laundering and terrorist financing risks, the compliance training programme and the prescribed review of the compliance programme. Specifically, according to FINTRAC, one suspicious transaction report was missing; the company could also not demonstrate that all employees had been trained or that its compliance programme had been reviewed. According to FINTRAC, the company is paying the penalty in full and the case is closed. Source: FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), "Administrative monetary penalty on Spence Diamonds Ltd.", published 23 September 2025, https://fintrac-canafe.canada.ca/pen/amps/pen-2025-09-23-eng; summarised in our own words; not an official version and not a reproduction of the original.

Authority / court

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

Area of law

Money laundering and terrorist financing · Suspicious activity reports

Legal basis

PCMLTFA s. 7, 9.6(1); PCMLTF Regulations 156(1)(b), 156(1)(c), 156(1)(d), 156(1)(e), 156(1)(f); Verwaltungsgeldbuße nach Teil 4.1 PCMLTFA

Action

Fine

Status of proceedings

final

Sector

Retail and e-commerce

Published

23 Sep 2025

Original amount 264,000 CAD, converted at the ECB reference rate of 8 May 2025.

Checked against the official source on 28 Sep 2026 · Version 3 · Direct link