Spence Diamonds Ltd. fined CA$264K by FINTRAC
- Amount
- CA$264,000
- ≈ $191K at the notice date
- Regulator
- FINTRAC
- Financial Transactions and Reports Analysis Centre of Canada
- Date
- Country
- Canada
- Precious metals and jewellery
What happened
Spence Diamonds Ltd., also operating as Spence Diamonds, a 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 committing 5 violations. Spence Diamonds will pay the administrative monetary penalty in full and proceedings have ended.
Violations
Controls that catch this
- Transaction Monitoring: scenario coverage, alert review and SAR workflow
- Customer risk assessment that blocks or escalates high-risk onboarding
- Case management with an audit trail for every decision
Sources
- Regulator's notice Official
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Run a sanctions checkRelated fines
| 24 Sep 2026 | Caisse populaire acadienne ltée | FINTRAC | CA$676,500 |
| 24 Sep 2026 | Caisse populaire Alliance limitée | FINTRAC | CA$82,500 |
| 24 Sep 2026 | Pathwise Credit Union | FINTRAC | CA$41,250 |
| 24 Sep 2026 | Your Neighbourhood Credit Union Limited | FINTRAC | CA$16,500 |
| 3 Sep 2026 | The New Brunswick Lotteries and Gaming Corporation | FINTRAC | CA$399,712.5 |
Figures and summaries come from the regulator's published notice or, where noted, press reports. Penalties can be reduced, appealed or combined with other agencies' actions. Last reviewed by our compliance team: 27 Oct 2026.