Compliance & Ethics

FINTRAC imposed an administrative monetary penalty of CAD $399,712.50 on the New Brunswick Lottery and Gaming Corporation for failing to submit suspicious transaction reports (STRs) when reasonable grounds to suspect existed. The action shows continued enforcement focus on STR obligations in the casino sector and follows a record year of FINTRAC penalties. Compliance teams should treat it as a prompt to test their own suspicious transaction detection, escalation, and reporting controls.

The Norwegian Financial Supervisory Authority has published a warning that relays a Luxembourg CSSF notice about fraudulent activities by persons misusing the name of ICI Invest S.A., a Luxembourg-based entity. Compliance teams should treat this as an impersonation and investment fraud alert and update screening, client-protection, and fraud-monitoring controls accordingly.

The Norway Financial Supervisory Authority (Finanstilsynet) has published a warning about "palamonpartners (Clone)," an entity that appears to impersonate an FCA-authorized firm. The notice is based on a United Kingdom warning, so it signals a cross-border clone-firm fraud risk. Compliance teams should screen for the name and related identifiers, and reinforce onboarding and customer-protection controls.

Finanstilsynet (Norway FSA) has published a warning that originates from the UK Financial Conduct Authority (FCA) about "Burnsidefin (clone)," an entity impersonating an FCA-authorized firm. Compliance teams should treat this as a clone-firm fraud alert and update screening and customer-protection controls accordingly.

The Norway Financial Supervisory Authority has published a warning about Crest Invest S.A., citing a notice issued by Luxembourg's CSSF concerning fraudulent activities by persons misusing the entity's name. Compliance teams should treat this as an identity-misuse (clone firm) alert and update screening, onboarding, and client-protection controls accordingly.

The Norway Financial Supervisory Authority (Finanstilsynet) has published a warning, originally issued by the UK Financial Conduct Authority (FCA), about a clone of a previously FCA-authorized firm operating as londoncourtlimited. Clone firm fraud exploits the credentials of legitimate entities to deceive investors, so compliance teams should update screening controls and client-facing warnings.

The Norway Financial Supervisory Authority (Finanstilsynet) has published a warning about a clone of the FCA-authorized firm Spreadex, using the domain spreadex-uk. The warning originates from the UK Financial Conduct Authority (FCA). Compliance teams should treat it as an active impersonation and fraud risk affecting customers, onboarding, and payment flows.