Canada’s anti-money laundering authorities have sanctioned a couple of money services businesses for compliance deficiencies under the anti-money laundering and anti-terrorist financing rules.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced penalties against Bendix Foreign Exchange Corp. and Altaif Inc. in separate proceedings. Bendix, a Toronto-based money services business received an administrative monetary penalty of $194,300; and Ottawa-based Altaif was sanctioned $42,600; for violations of anti-money laundering rules.
FINTRAC said that Bendix was found to have deficiencies in its compliance with the rules, including a failure to report electronic funds transfers and large cash transactions, and incomplete and inadequate reporting of these transactions.
In terms of Altaif, the deficiencies also included failing to report electronic funds transfers, and incomplete and inadequate electronic funds transfer reports; incomplete assessment of risks related to money laundering and terrorist financing; inadequate record keeping; and, failing to update its registration.
“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.