Canada’s anti-money laundering agency has sanctioned a Montreal-based money services business for failing to declare a large transaction and failing to have proper controls, among other violations.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative monetary penalty of $20,780 on a numbered company that operates as Bijouterie My Tan for violating anti-money laundering rules.
FINTRAC reports that the firm had several deficiencies, including that it: failed to report a large cash transaction; didn’t develop and follow written compliance policies and procedures, or proper compliance training; and, that it didn’t properly assess and document the risks of money laundering and terrorist financing; among other things.
“Canada’s anti-money laundering and anti-terrorist financing regime is dependent on the dedicated efforts of Canada’s businesses on the front lines of the legitimate economy. Our compliance efforts are targeted at ensuring they fulfill their legal obligations and send us the information that we need to produce actionable financial intelligence for our law enforcement and national security partners,” said Gérald Cossette director of FINTRAC.
It says that administrative monetary penalties are issued to encourage compliance in firms that are subject to its oversight, including financial firms, life insurers, securities dealers, and money services businesses, among others.