FINTRAC announced today that it has imposed an administrative monetary penalty on Spence Diamonds Ltd., also operating as Spence Diamonds. Following a compliance examination, this dealer in precious metals and precious stones with locations in Vancouver, Langley, Calgary, Edmonton, Mississauga, Vaughan, Scarborough and Ottawa, was imposed an administrative monetary penalty of $264,000 on May 8, 2025, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.
News release: https://fintrac-canafe.canada.
Public notice: https://fintrac-canafe.canada.
