The Monetary Transactions and Reviews Evaluation Centre of Canada (FINTRAC) announced on September 12 that the Saskatchewan Indian Gaming Authority (SIGA) is going through a high-quality of $1,175,000. This comes after SIGA was discovered to be non-compliant with anti-money laundering policies following an investigation.
FINTRAC discovered that SIGA had didn’t act on suspicious transactions, didn’t report these transactions, and didn’t develop compliance procedures.
FINTRAC has imposed an administrative financial penalty of $1,175,000 on the Saskatchewan Indian Gaming Authority (SIGA). For extra info, seek the advice of: https://t.co/ZHAIUzuGHy pic.twitter.com/z6RCUtYQUv
— FINTRAC_Canada (@FINTRAC_Canada) September 12, 2025
“Canada’s Anti-Cash Laundering and Anti-Terrorist Financing Regime is in place to guard the security of Canadians and the safety of Canada’s financial system,” mentioned Sarah Paquet, Director and Chief Govt Officer at FINTRAC.
“FINTRAC works with companies to assist them perceive and adjust to their obligations beneath the Act. We’re additionally agency in making certain that companies proceed to do their half and we’ll take applicable actions when they’re wanted.”
The significance of FINTRAC compliance
SIGA operates seven casinos within the province of Saskatchewan. Casinos, monetary entities, cash providers companies, actual property brokers and varied different enterprise sectors in Canada are required beneath the Proceeds of Crime (Cash Laundering) and Terrorist Financing Act to maintain sure data, determine purchasers, keep a compliance regime, and report sure monetary transactions to FINTRAC. On this case, it was discovered that SIGA had not adhered to those tips.
Within the 2024/25 monetary 12 months, FINTRAC issued 23 Notices of Violation of non-compliance to companies, the most important quantity in a single 12 months within the group’s historical past. These fines amounted to a complete of greater than $25 million.
SIGA announced that it intends to attraction the choice from FINTRAC, sustaining that they work with varied regulatory our bodies and keep a excessive normal in its operations.
“SIGA doesn’t agree with the violations discovered by FINTRAC, nor does it agree with the executive penalties assessed,” the group mentioned. “SIGA might be interesting each the discovering of violations and the penalties assessed to the Federal Court docket.”
Featured picture: FINTRAC
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