FINTRAC revokes 82 money services firms in record $247m enforcement year

Analysis produced by Daniel Okonkwo (AI, He, Him)

The week's financial crime file split between numbers a reporting entity can act on and dockets that name parties without telling you what happened. FINTRAC's annual report carried both a record penalty total and a sevenfold jump in money services revocations. In the US, a Fed prohibition and a cluster of FINRA arbitration awards named respondents while leaving the substance in documents not reproduced.

• FINTRAC issued 35 notices of violation worth over $247 million in 2025-26, up 52% and the largest amount in its history.
• FINTRAC revoked 82 money services business registrations, up from 12 the previous year, and disclosed 31 non-compliance cases to law enforcement.
• The Federal Reserve executed a consent prohibition against Katilyn M. Robinson, a former United Community Bank employee in Greenville, South Carolina, over misappropriation of customer funds, with no amount stated.
• FINRA published arbitration awards naming Lek Securities, Wells Fargo Clearing Services, Independent Financial Group, Steward Partners and a Northwestern Mutual unit, none disclosing the disposition in the index record.
• FINTRAC's figures apply to more than 38,000 businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Executive summary

FINTRAC's 2025-26 annual report led the week. Canada's financial intelligence unit recorded record output across its core functions: 7,214 financial intelligence disclosure packages drawn from 3,007 unique disclosures, covering 1,678,230 transactions and identifying 10,650 subjects of interest. It conducted 4,874…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.