The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has sanctioned a Montreal-based money services business for alleged compliance deficiencies.
FINTRAC announced today that it imposed an administrative monetary penalty of $17,535 on Services Financiers C.M. Inc., a money services business based in Montreal, for violating anti-money laundering legislation by having incomplete compliance policies and procedures, inadequate compliance training, and for failing to properly assess and document risks related to money laundering, among other failings.
The agency uses monetary penalties to encourage compliance with legislation that requires certain businesses, including securities dealers, life insurers, and other financial firms, to ensure compliance with anti-money laundering rules, and to report certain financial transactions to FINTRAC.
“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 meant to ensure 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,” says Gérald Cossette, director of FINTRAC, in a statement.