FINTRAC Fines Xeltox Enterprises C$176.9 Million for AML Violations

Xeltox Enterprises Ltd. has been fined a record-breaking C$176.9 million by Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) for failing to report suspicious activities. The penalty reflects the company’s significant breaches of anti-money laundering (AML) regulations at its cryptocurrency exchange, Cryptomus (formerly Certa Payments Ltd.). Over 1,000 transactions linked to criminal activity went unreported. This unprecedented action highlights Canada’s strict stance on AML violations in the crypto sector.