FINTRAC imposes an administrative monetary penalty on 9245-9205 Québec Inc., also operating as Bijouterie My Tan, in Montréal, Quebec
May 13, 2015 – Ottawa, ON – Financial Transactions and Reports Analysis Centre of Canada
9245-9205 Québec Inc., also operating as Bijouterie My Tan, a money services business in Montréal, Quebec, was imposed an administrative monetary penalty of $20,780 on May 7, 2015, for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR) and the Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations (Registration Regulations).
9245-9205 Québec Inc. was found to have the following deficiencies:
- Failure to report a large cash transaction;
- Failure to develop and apply written compliance policies and procedures;
- Failure to assess and document the risks related to money laundering and terrorist financing;
- Failure to develop and maintain a written, ongoing compliance training program;
- Incomplete and inadequate record keeping, including those related to ascertaining client identity; and
- Failure to submit a notification of change to its money services business registration.
- A number of business sectors in Canada are required, under the PCMLTFA, to keep certain records, identify clients, maintain a compliance regime, and report financial transactions to FINTRAC.
- Sectors covered under the legislation include accountants, British Columbia notaries, casinos, dealers in precious metals and stones, financial entities, life insurance, money services businesses, real estate, and securities dealers.
- Administrative monetary penalties are issued to encourage change in the non-compliant behaviour of reporting entities.
“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.”
Director, Financial Transactions and Reports Analysis Centre of Canada
Financial Transactions and Reports Analysis Centre of Canada
FINTRAC is an arm’s length agency governed by the PCMLTFA that reports to Parliament through the Minister of Finance. The Centre produces financial intelligence that helps law enforcement and national security agencies in fighting money laundering, terrorist activity financing and threats to the security of Canada. FINTRAC’s financial intelligence assists hundreds of criminal investigations every year, including those where the alleged laundered proceeds are linked to drug offences, fraud, tax evasion, corruption and human smuggling and trafficking.
A fundamental aspect of FINTRAC’s mandate is the deterrence and detection of money laundering and terrorist financing. To do so, FINTRAC ensures that businesses subject to the PCMLTFA across the country meet their obligations and generate the financial transaction reports that serve as the foundation for FINTRAC’s analysis and intelligence.
- Date Modified: