Montreal-based jewelry chain Birks has been fined more than $50,000 by the Canadian government for noncompliance with the country’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Birks received an administrative penalty of $51,562.50 (in Canadian dollars) following an examination by the Financial Transactions and Reports Analysis Centre of Canada, the agency—known as FINTRAC—said in a May 5 statement.
According to FINTRAC, Birks committed three administrative violations: failure to develop and apply written compliance policies and procedures that were kept up to date and approved by a senior officer; failure to assess and document the risk of a money-laundering or terrorist-financing offense; and failure to carry out and document the results of a prescribed review every two years by an internal or external auditor.
JCK reached out to Birks’ investor relations department for comment but did not receive one by press time.
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy,” FINTRAC director and chief executive officer Sarah Paquet said in a statement. “FINTRAC works with businesses to help them understand and comply with their obligations under the act. We are also firm in ensuring that businesses continue to do their part, and we will take appropriate actions when they are needed.”
In 2024–25, FINTRAC issued 23 noncompliance notices to businesses—the largest single-year number in the center’s history—for a total of more than $25 million. FINTRAC has imposed more than 150 penalties, across most business sectors, since it was established in 2008.
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act requires companies to report certain financial transactions to FINTRAC, including international electronic funds transfers, large cash transactions, large virtual currency transactions, and suspicious transactions.
FINTRAC has said that suspicious transaction reporting in particular is critical to its ability to generate actionable financial intelligence for Canada’s law enforcement and national security agencies.
The agency also analyzes information and discloses financial intelligence to law enforcement and national security agencies to assist in their investigations of money laundering, terrorist activity financing, sanctions evasion, and threats to the security of Canada.
Birks had another, unrelated compliance issue last year, when the New York Stock Exchange (NYSE) notified the jewelry group in February 2025 that it was not in compliance with some listing standards. NYSE subsequently accepted Birks’ compliance plan and granted it an extension for listing until Aug. 25, 2026.
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