FINTRAC introduced that it has imposed an administrative financial penalty on Magasin Château D’Ivoire Inc., additionally working as Château D’Ivoire. This vendor in valuable metals and stones in Montréal, Quebec, was imposed an administrative financial penalty of $206,910 on March 1, 2021, for non-compliance with Half 1 of the Proceeds of Crime (Cash Laundering) and Terrorist Financing Act and its related Rules.
Magasin Château D’Ivoire Inc. was discovered to have dedicated the next violations:
- Failure to develop compliance insurance policies and procedures that coated the necessities referring to record-keeping and ongoing monitoring of enterprise relationships, in addition to procedures referring to the reporting of terrorist property;
- Failure to evaluate and doc the cash laundering or terrorist exercise financing (ML/TF) threat of its geographic places, merchandise, and supply channels, and shoppers and enterprise relationships;
- Failure to develop a written compliance coaching program that coated coaching on its insurance policies and procedures, the frequency and timing of the coaching, and the way it will be maintained on an ongoing foundation;
- Failure to submit giant money transaction reviews for the receipt of $10,000 or extra in money; and
- Failure to submit a suspicious transaction report the place there have been cheap grounds to suspect that transactions had been associated to a cash laundering offence.
Quote
“Canada’s Anti-Cash Laundering and Anti-Terrorist Financing Regime is in place to guard the security of Canadians and the safety of Canada’s economic system. FINTRAC is dedicated to working with companies to assist them perceive and adjust to their obligations beneath the Act. On the similar time, we will probably be agency in guaranteeing that companies proceed to do their half and we’ll take applicable actions when they’re wanted.”
Sarah Paquet, Director, and Chief Government Officer, Monetary Transactions and Experiences Evaluation Centre of Canada
Fast Details
- As Canada’s monetary intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that companies topic to the Proceeds of Crime (Cash Laundering) and Terrorist Financing Act adjust to their obligations beneath the Act and its Rules. The Centre additionally analyzes data and discloses monetary intelligence to police, legislation enforcement, and nationwide safety companies to help their investigations of cash laundering, terrorist exercise financing, and threats to the safety of Canada.
- Casinos, monetary entities, cash companies companies, actual property brokers and gross sales representatives, sellers in valuable metals and stones, and a number of other different enterprise sectors are required beneath the Proceeds of Crime (Cash Laundering) and Terrorist Financing Act to maintain sure data, determine shoppers, keep a compliance regime and report sure monetary transactions to FINTRAC.
- FINTRAC’s Administrative Financial Penalties program is among the most open and clear of its sort, together with in relation to penalty calculations.
- With the adjustments to the Proceeds of Crime (Cash Laundering) and Terrorist Financing Act in 2019, FINTRAC is required to make public the identify of all individuals and entities that obtain an administrative financial penalty
