The Financial Transactions and Reports Analysis Centre of Canada says it handed down administrative monetary penalties against two financial firms earlier this year for violating anti-money laundering rules.

FINTRAC announced earlier this week that it fined Jory Capital Inc., a Winnipeg-based securities dealer, $28,500 on June 2, for committing four violations of the rules: failing to develop written compliance policies and procedures; failing to assess and document the risk of money laundering or terrorist financing offences; failing to develop an ongoing compliance training program for employees; and failing to institute and document prescribed reviews.

On August 2, Services Financiers C.M. Inc., a money services business in Montreal, was fined $9,500, for similar violations, including: failing to develop compliance policies; failing to assess and document risks; and failure to develop ongoing compliance training.

FINTRAC notes that a number of businesses, including banks, life insurance firms, and securities dealers, are required to keep certain records, identify clients, maintain compliance regimes, and submit reports to FINTRAC. It has had the authority to issue administrative monetary penalties since 2008, and they are used as a last resort, it says.

IE