Third Time’s the Charm: 3 FINTRAC Administrative Penalties

On April 5th, FINTRAC, the Canadian FIU, announced that it had levied administrative penalties on 3 firms for violations of PCMLTFA (Prevention of Crime (Money Laundering) and Terrorist Financing Act and the attendant regulations (PCMLTFR):

• Diamond Exchange Toronto (Toronto, Ontario): CAD 12,750
  • Failure to develop and apply written compliance policies and procedures;
  • Failure to assess and document the risks related to money laundering and terrorist financing; and
  • Failure to develop and maintain a written, ongoing compliance training program.
• Becksley Capital (Toronto, Ontario): CAD 28,500
  • Inadequate written ongoing compliance training program;
  • Failure to institute and document the prescribed two year review; and
  • Failure to take reasonable measures when opening an account to determine if it will be used by or on behalf of a third party.
• Victoria Jewellers (Regina, Saskatchewan): CAD 13,500
  • Failure to develop and apply written compliance policies and procedures;
  • Failure to assess and document the risks related to money laundering and terrorist financing; and
  • Failure to develop and maintain a written, ongoing compliance training program.

Links:

Diamond Exchange Toronto Penalty

Becksley Capital Penalty

Victoria Jewellers Penalty

Edited with BlogPad Pro