Canada's FINTRAC Imposes Record $126M AML Fine on Cryptocurrency Platform Cryptomus

Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) has issued a historic $126 million penalty against cryptocurrency exchange Cryptomus for severe anti-money laundering compliance failures. This unprecedented fine represents the largest enforcement action in Canadian AML history and signals intensified regulatory scrutiny over digital asset platforms. The penalty addresses critical deficiencies in Cryptomus's customer identification protocols, transaction monitoring systems, and suspicious activity reporting mechanisms. Regulatory authorities emphasized that cryptocurrency businesses must maintain robust compliance frameworks equivalent to traditional financial institutions to prevent illicit financial activities.