FINTRAC penalizes Birks Group for anti-money laundering compliance failures
FINTRAC said it imposed a C$51,562.50 administrative monetary penalty on Birks Group Inc., also operating as Birks, after a compliance examination found breaches of Canada's anti-money laundering and terrorist financing rules. The penalty was imposed on March 11, 2026.
OTTAWA, May 5, 2026 — FINTRAC has imposed a C$51,562.50 administrative monetary penalty on Birks Group Inc., also operating as Birks, following a compliance examination of the dealer in precious metals and precious stones, which has retail locations across Canada. The penalty was imposed on March 11, 2026, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations.
The violations cited involved deficiencies in Birks' compliance regime. FINTRAC said the company failed to develop and apply written compliance policies and procedures that were kept up to date and, for an entity, approved by a senior officer.
It also found that Birks failed to assess and document the risk of a money laundering or terrorist financing offense while taking prescribed factors into account. In addition, the company failed to carry out and document the required review every two years by an internal or external auditor.
FINTRAC said administrative monetary penalties under the act are intended to encourage changes in non-compliant behavior by businesses.
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