Know your client requirements

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When to verify the identity of persons and entities
This guidance explains when you are required to verify the identity of persons and entities. The requirement to verify the identity of your clients (persons or entities) is determined by the type of transaction or activity they are undertaking.
Methods to verify the identity of persons and entities
This guidance describes the methods you can use to verify the identity of persons and entities; who can identify a client on your behalf; and related records that you must keep.
Methods to verify the identity of persons and entities
Business relationship requirements
A business relationship is a relationship that is established between a reporting entity and a client to conduct financial transactions or provide services related to those transactions. Business relationship obligations are applicable to reporting entities in all sectors.
Business relationship requirements
Ongoing monitoring requirements
Ongoing monitoring is the process of reviewing and keeping identification, business relationship and beneficial ownership information up-to-date. In addition, ongoing monitoring is a process for reassessing the level of risk associated with your client’s transactions and activities. Enhanced ongoing monitoring, as a prescribed special measure, is triggered when a business relationship is considered to pose a high risk. Ongoing monitoring obligations are applicable to reporting entities in all sectors.
Ongoing monitoring requirements
Beneficial ownership requirements
As of June 1, 2021, all reporting entity sectors will have beneficial ownership obligations when verifying the identity of an entity. Beneficial owners are the individuals who directly or indirectly own or control 25% or more of a corporation or an entity other than a corporation. In the case of a trust, they are the trustees, the known beneficiaries and the settlors of the trust.
Beneficial ownership requirements
Third party determination requirements
A third party is a person or entity who instructs another person or entity to conduct a transaction or activity on their behalf. Third party obligations are applicable to reporting entities in all sectors, but only for certain transactions and activities.
Third party determination requirements
Politically exposed persons and heads of international organizations
Know your client requirements include determining whether a person is a foreign or domestic politically exposed person (PEP), head of an international organization (HIO), or a family member or close associate of a foreign PEP. The reporting entity sectors with this obligation include financial entities, securities dealers, money services businesses and life insurance companies.
As of June 1, 2021, all reporting entity sectors will have politically exposed person (PEP) and head of an international organization (HIO) obligations. These obligations include determining whether a person is a foreign or domestic PEP, HIO, or a family member or close associate of a foreign or domestic PEP, as applicable. These obligations are explained in the following:
The current guidance on PEPs and HIOs will remain accessible on FINTRAC’s website until June 1, 2021.

FINTRAC provides guidance to help businesses understand their obligations under the PCMLTFA and its associated Regulations and how they may be assessed in an examination. However, this should not be considered to be legal advice. Please refer to the PCMLTFA and its associated Regulations for the full description of the obligations.

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Know your client requirements

You are here:

When to verify the identity of persons and entities
This guidance explains when you are required to verify the identity of persons and entities. The requirement to verify the identity of your clients (persons or entities) is determined by the type of transaction or activity they are undertaking.
Methods to verify the identity of persons and entities
This guidance describes the methods you can use to verify the identity of persons and entities; who can identify a client on your behalf; and related records that you must keep.
Methods to verify the identity of persons and entities
Business relationship requirements
A business relationship is a relationship that is established between a reporting entity and a client to conduct financial transactions or provide services related to those transactions. Business relationship obligations are applicable to reporting entities in all sectors.
Business relationship requirements
Ongoing monitoring requirements
Ongoing monitoring is the process of reviewing and keeping identification, business relationship and beneficial ownership information up-to-date. In addition, ongoing monitoring is a process for reassessing the level of risk associated with your client’s transactions and activities. Enhanced ongoing monitoring, as a prescribed special measure, is triggered when a business relationship is considered to pose a high risk. Ongoing monitoring obligations are applicable to reporting entities in all sectors.
Ongoing monitoring requirements
Beneficial ownership requirements
As of June 1, 2021, all reporting entity sectors will have beneficial ownership obligations when verifying the identity of an entity. Beneficial owners are the individuals who directly or indirectly own or control 25% or more of a corporation or an entity other than a corporation. In the case of a trust, they are the trustees, the known beneficiaries and the settlors of the trust.
Beneficial ownership requirements
Third party determination requirements
A third party is a person or entity who instructs another person or entity to conduct a transaction or activity on their behalf. Third party obligations are applicable to reporting entities in all sectors, but only for certain transactions and activities.
Third party determination requirements
Politically exposed persons and heads of international organizations
Know your client requirements include determining whether a person is a foreign or domestic politically exposed person (PEP), head of an international organization (HIO), or a family member or close associate of a foreign PEP. The reporting entity sectors with this obligation include financial entities, securities dealers, money services businesses and life insurance companies.
As of June 1, 2021, all reporting entity sectors will have politically exposed person (PEP) and head of an international organization (HIO) obligations. These obligations include determining whether a person is a foreign or domestic PEP, HIO, or a family member or close associate of a foreign or domestic PEP, as applicable. These obligations are explained in the following:
The current guidance on PEPs and HIOs will remain accessible on FINTRAC’s website until June 1, 2021.

FINTRAC provides guidance to help businesses understand their obligations under the PCMLTFA and its associated Regulations and how they may be assessed in an examination. However, this should not be considered to be legal advice. Please refer to the PCMLTFA and its associated Regulations for the full description of the obligations.

[Read More] […]

Read More…

Know your client requirements

You are here:

When to verify the identity of persons and entities
This guidance explains when you are required to verify the identity of persons and entities. The requirement to verify the identity of your clients (persons or entities) is determined by the type of transaction or activity they are undertaking.
Methods to verify the identity of persons and entities
This guidance describes the methods you can use to verify the identity of persons and entities; who can identify a client on your behalf; and related records that you must keep.
Methods to verify the identity of persons and entities
Business relationship requirements
A business relationship is a relationship that is established between a reporting entity and a client to conduct financial transactions or provide services related to those transactions. Business relationship obligations are applicable to reporting entities in all sectors.
Business relationship requirements
Ongoing monitoring requirements
Ongoing monitoring is the process of reviewing and keeping identification, business relationship and beneficial ownership information up-to-date. In addition, ongoing monitoring is a process for reassessing the level of risk associated with your client’s transactions and activities. Enhanced ongoing monitoring, as a prescribed special measure, is triggered when a business relationship is considered to pose a high risk. Ongoing monitoring obligations are applicable to reporting entities in all sectors.
Ongoing monitoring requirements
Beneficial ownership requirements
As of June 1, 2021, all reporting entity sectors will have beneficial ownership obligations when verifying the identity of an entity. Beneficial owners are the individuals who directly or indirectly own or control 25% or more of a corporation or an entity other than a corporation. In the case of a trust, they are the trustees, the known beneficiaries and the settlors of the trust.
Beneficial ownership requirements
Third party determination requirements
A third party is a person or entity who instructs another person or entity to conduct a transaction or activity on their behalf. Third party obligations are applicable to reporting entities in all sectors, but only for certain transactions and activities.
Third party determination requirements
Politically exposed persons and heads of international organizations
Know your client requirements include determining whether a person is a foreign or domestic politically exposed person (PEP), head of an international organization (HIO), or a family member or close associate of a foreign PEP. The reporting entity sectors with this obligation include financial entities, securities dealers, money services businesses and life insurance companies.
As of June 1, 2021, all reporting entity sectors will have politically exposed person (PEP) and head of an international organization (HIO) obligations. These obligations include determining whether a person is a foreign or domestic PEP, HIO, or a family member or close associate of a foreign or domestic PEP, as applicable. These obligations are explained in the following:
The current guidance on PEPs and HIOs will remain accessible on FINTRAC’s website until June 1, 2021.

FINTRAC provides guidance to help businesses understand their obligations under the PCMLTFA and its associated Regulations and how they may be assessed in an examination. However, this should not be considered to be legal advice. Please refer to the PCMLTFA and its associated Regulations for the full description of the obligations.

[Read More] […]

Read More…

Know your client requirements

You are here:

When to verify the identity of persons and entities
This guidance explains when you are required to verify the identity of persons and entities. The requirement to verify the identity of your clients (persons or entities) is determined by the type of transaction or activity they are undertaking.
Methods to verify the identity of persons and entities
This guidance describes the methods you can use to verify the identity of persons and entities; who can identify a client on your behalf; and related records that you must keep.
Methods to verify the identity of persons and entities
Business relationship requirements
A business relationship is a relationship that is established between a reporting entity and a client to conduct financial transactions or provide services related to those transactions. Business relationship obligations are applicable to reporting entities in all sectors.
Business relationship requirements
Ongoing monitoring requirements
Ongoing monitoring is the process of reviewing and keeping identification, business relationship and beneficial ownership information up-to-date. In addition, ongoing monitoring is a process for reassessing the level of risk associated with your client’s transactions and activities. Enhanced ongoing monitoring, as a prescribed special measure, is triggered when a business relationship is considered to pose a high risk. Ongoing monitoring obligations are applicable to reporting entities in all sectors.
Ongoing monitoring requirements
Beneficial ownership requirements
As of June 1, 2021, all reporting entity sectors will have beneficial ownership obligations when verifying the identity of an entity. Beneficial owners are the individuals who directly or indirectly own or control 25% or more of a corporation or an entity other than a corporation. In the case of a trust, they are the trustees, the known beneficiaries and the settlors of the trust.
Beneficial ownership requirements
Third party determination requirements
A third party is a person or entity who instructs another person or entity to conduct a transaction or activity on their behalf. Third party obligations are applicable to reporting entities in all sectors, but only for certain transactions and activities.
Third party determination requirements
Politically exposed persons and heads of international organizations
Know your client requirements include determining whether a person is a foreign or domestic politically exposed person (PEP), head of an international organization (HIO), or a family member or close associate of a foreign PEP. The reporting entity sectors with this obligation include financial entities, securities dealers, money services businesses and life insurance companies.
As of June 1, 2021, all reporting entity sectors will have politically exposed person (PEP) and head of an international organization (HIO) obligations. These obligations include determining whether a person is a foreign or domestic PEP, HIO, or a family member or close associate of a foreign or domestic PEP, as applicable. These obligations are explained in the following:
The current guidance on PEPs and HIOs will remain accessible on FINTRAC’s website until June 1, 2021.

FINTRAC provides guidance to help businesses understand their obligations under the PCMLTFA and its associated Regulations and how they may be assessed in an examination. However, this should not be considered to be legal advice. Please refer to the PCMLTFA and its associated Regulations for the full description of the obligations.

[Read More] […]

Read More…

FINTRAC imposes an administrative monetary penalty on Park Georgia Realty Ltd.

You are here:

FINTRAC announced today that it has imposed an administrative monetary penalty on Park Georgia Realty Ltd. This real estate broker in Vancouver, British Columbia was imposed an administrative monetary penalty of $66,742.50 on January 25, 2021 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
Park Georgia Realty Ltd. was found to have committed the following violations:
Failure to develop compliance policies and procedures that sufficiently covered the requirements;
Failure to assess and document the money laundering or terrorist activity financing (ML/TF) risks of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to include the frequency and how training would be maintained on an ongoing basis in its training program;
Failure to establish and document the prescribed review of its compliance policies and procedures, risk assessment and training program; and
Failure to keep prescribed information in client information and receipt of funds records.

Quote
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada
Quick Facts
As Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.
Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC.
FINTRAC’s Administrative Monetary Penalties program is one of the most open and transparent of its kind, including in relation to penalty calculations.
With the changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in 2019, FINTRAC is required to make public the name of all persons and entities that receive an administrative monetary penalty.
Related Products
Contacts
Media RelationsFinancial Transactions and Reports Analysis Centre of Canada613-947-6875
[email protected].

[Read More] […]

Read More…

FINTRAC imposes an administrative monetary penalty on Park Georgia Realty Ltd.

You are here:

FINTRAC announced today that it has imposed an administrative monetary penalty on Park Georgia Realty Ltd. This real estate broker in Vancouver, British Columbia was imposed an administrative monetary penalty of $66,742.50 on January 25, 2021 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
Park Georgia Realty Ltd. was found to have committed the following violations:
Failure to develop compliance policies and procedures that sufficiently covered the requirements;
Failure to assess and document the money laundering or terrorist activity financing (ML/TF) risks of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to include the frequency and how training would be maintained on an ongoing basis in its training program;
Failure to establish and document the prescribed review of its compliance policies and procedures, risk assessment and training program; and
Failure to keep prescribed information in client information and receipt of funds records.

Quote
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada
Quick Facts
As Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.
Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC.
FINTRAC’s Administrative Monetary Penalties program is one of the most open and transparent of its kind, including in relation to penalty calculations.
With the changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in 2019, FINTRAC is required to make public the name of all persons and entities that receive an administrative monetary penalty.
Related Products
Contacts
Media RelationsFinancial Transactions and Reports Analysis Centre of Canada613-947-6875
[email protected].

[Read More] […]

Read More…

FINTRAC imposes an administrative monetary penalty on Park Georgia Realty Ltd.

You are here:

FINTRAC announced today that it has imposed an administrative monetary penalty on Park Georgia Realty Ltd. This real estate broker in Vancouver, British Columbia was imposed an administrative monetary penalty of $66,742.50 on January 25, 2021 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
Park Georgia Realty Ltd. was found to have committed the following violations:
Failure to develop compliance policies and procedures that sufficiently covered the requirements;
Failure to assess and document the money laundering or terrorist activity financing (ML/TF) risks of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to include the frequency and how training would be maintained on an ongoing basis in its training program;
Failure to establish and document the prescribed review of its compliance policies and procedures, risk assessment and training program; and
Failure to keep prescribed information in client information and receipt of funds records.

Quote
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada
Quick Facts
As Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.
Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC.
FINTRAC’s Administrative Monetary Penalties program is one of the most open and transparent of its kind, including in relation to penalty calculations.
With the changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in 2019, FINTRAC is required to make public the name of all persons and entities that receive an administrative monetary penalty.
Related Products
Contacts
Media RelationsFinancial Transactions and Reports Analysis Centre of Canada613-947-6875
[email protected].

[Read More] […]

Read More…

FINTRAC imposes an administrative monetary penalty on Park Georgia Realty Ltd.

You are here:

FINTRAC announced today that it has imposed an administrative monetary penalty on Park Georgia Realty Ltd. This real estate broker in Vancouver, British Columbia was imposed an administrative monetary penalty of $66,742.50 on January 25, 2021 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
Park Georgia Realty Ltd. was found to have committed the following violations:
Failure to develop compliance policies and procedures that sufficiently covered the requirements;
Failure to assess and document the money laundering or terrorist activity financing (ML/TF) risks of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to include the frequency and how training would be maintained on an ongoing basis in its training program;
Failure to establish and document the prescribed review of its compliance policies and procedures, risk assessment and training program; and
Failure to keep prescribed information in client information and receipt of funds records.

Quote
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada
Quick Facts
As Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.
Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC.
FINTRAC’s Administrative Monetary Penalties program is one of the most open and transparent of its kind, including in relation to penalty calculations.
With the changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in 2019, FINTRAC is required to make public the name of all persons and entities that receive an administrative monetary penalty.
Related Products
Contacts
Media RelationsFinancial Transactions and Reports Analysis Centre of Canada613-947-6875
[email protected].

[Read More] […]

Read More…

FINTRAC imposes an administrative monetary penalty on Park Georgia Realty Ltd.

You are here:

FINTRAC announced today that it has imposed an administrative monetary penalty on Park Georgia Realty Ltd. This real estate broker in Vancouver, British Columbia was imposed an administrative monetary penalty of $66,742.50 on January 25, 2021 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
Park Georgia Realty Ltd. was found to have committed the following violations:
Failure to develop compliance policies and procedures that sufficiently covered the requirements;
Failure to assess and document the money laundering or terrorist activity financing (ML/TF) risks of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to include the frequency and how training would be maintained on an ongoing basis in its training program;
Failure to establish and document the prescribed review of its compliance policies and procedures, risk assessment and training program; and
Failure to keep prescribed information in client information and receipt of funds records.

Quote
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada
Quick Facts
As Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.
Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC.
FINTRAC’s Administrative Monetary Penalties program is one of the most open and transparent of its kind, including in relation to penalty calculations.
With the changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in 2019, FINTRAC is required to make public the name of all persons and entities that receive an administrative monetary penalty.
Related Products
Contacts
Media RelationsFinancial Transactions and Reports Analysis Centre of Canada613-947-6875
[email protected].

[Read More] […]

Read More…

FINTRAC imposes an administrative monetary penalty on Park Georgia Realty Ltd.

You are here:

FINTRAC announced today that it has imposed an administrative monetary penalty on Park Georgia Realty Ltd. This real estate broker in Vancouver, British Columbia was imposed an administrative monetary penalty of $66,742.50 on January 25, 2021 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
Park Georgia Realty Ltd. was found to have committed the following violations:
Failure to develop compliance policies and procedures that sufficiently covered the requirements;
Failure to assess and document the money laundering or terrorist activity financing (ML/TF) risks of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to include the frequency and how training would be maintained on an ongoing basis in its training program;
Failure to establish and document the prescribed review of its compliance policies and procedures, risk assessment and training program; and
Failure to keep prescribed information in client information and receipt of funds records.

Quote
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada
Quick Facts
As Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.
Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC.
FINTRAC’s Administrative Monetary Penalties program is one of the most open and transparent of its kind, including in relation to penalty calculations.
With the changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in 2019, FINTRAC is required to make public the name of all persons and entities that receive an administrative monetary penalty.
Related Products
Contacts
Media RelationsFinancial Transactions and Reports Analysis Centre of Canada613-947-6875
[email protected].

[Read More] […]

Read More…

FINTRAC imposes an administrative monetary penalty on Park Georgia Realty Ltd.

You are here:

FINTRAC announced today that it has imposed an administrative monetary penalty on Park Georgia Realty Ltd. This real estate broker in Vancouver, British Columbia was imposed an administrative monetary penalty of $66,742.50 on January 25, 2021 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
Park Georgia Realty Ltd. was found to have committed the following violations:
Failure to develop compliance policies and procedures that sufficiently covered the requirements;
Failure to assess and document the money laundering or terrorist activity financing (ML/TF) risks of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to include the frequency and how training would be maintained on an ongoing basis in its training program;
Failure to establish and document the prescribed review of its compliance policies and procedures, risk assessment and training program; and
Failure to keep prescribed information in client information and receipt of funds records.

Quote
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada
Quick Facts
As Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.
Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC.
FINTRAC’s Administrative Monetary Penalties program is one of the most open and transparent of its kind, including in relation to penalty calculations.
With the changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in 2019, FINTRAC is required to make public the name of all persons and entities that receive an administrative monetary penalty.
Related Products
Contacts
Media RelationsFinancial Transactions and Reports Analysis Centre of Canada613-947-6875
[email protected].

[Read More] […]

Read More…

FINTRAC imposes an administrative monetary penalty on Park Georgia Realty Ltd.

You are here:

FINTRAC announced today that it has imposed an administrative monetary penalty on Park Georgia Realty Ltd. This real estate broker in Vancouver, British Columbia was imposed an administrative monetary penalty of $66,742.50 on January 25, 2021 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
Park Georgia Realty Ltd. was found to have committed the following violations:
Failure to develop compliance policies and procedures that sufficiently covered the requirements;
Failure to assess and document the money laundering or terrorist activity financing (ML/TF) risks of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to include the frequency and how training would be maintained on an ongoing basis in its training program;
Failure to establish and document the prescribed review of its compliance policies and procedures, risk assessment and training program; and
Failure to keep prescribed information in client information and receipt of funds records.

Quote
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada
Quick Facts
As Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.
Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC.
FINTRAC’s Administrative Monetary Penalties program is one of the most open and transparent of its kind, including in relation to penalty calculations.
With the changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in 2019, FINTRAC is required to make public the name of all persons and entities that receive an administrative monetary penalty.
Related Products
Contacts
Media RelationsFinancial Transactions and Reports Analysis Centre of Canada613-947-6875
[email protected].

[Read More] […]

Read More…

FINTRAC imposes an administrative monetary penalty on Park Georgia Realty Ltd.

You are here:

FINTRAC announced today that it has imposed an administrative monetary penalty on Park Georgia Realty Ltd. This real estate broker in Vancouver, British Columbia was imposed an administrative monetary penalty of $66,742.50 on January 25, 2021 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
Park Georgia Realty Ltd. was found to have committed the following violations:
Failure to develop compliance policies and procedures that sufficiently covered the requirements;
Failure to assess and document the money laundering or terrorist activity financing (ML/TF) risks of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to include the frequency and how training would be maintained on an ongoing basis in its training program;
Failure to establish and document the prescribed review of its compliance policies and procedures, risk assessment and training program; and
Failure to keep prescribed information in client information and receipt of funds records.

Quote
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada
Quick Facts
As Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.
Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC.
FINTRAC’s Administrative Monetary Penalties program is one of the most open and transparent of its kind, including in relation to penalty calculations.
With the changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in 2019, FINTRAC is required to make public the name of all persons and entities that receive an administrative monetary penalty.
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Contacts
Media RelationsFinancial Transactions and Reports Analysis Centre of Canada613-947-6875
[email protected].

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FINTRAC imposes an administrative monetary penalty on Park Georgia Realty Ltd.

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FINTRAC announced today that it has imposed an administrative monetary penalty on Park Georgia Realty Ltd. This real estate broker in Vancouver, British Columbia was imposed an administrative monetary penalty of $66,742.50 on January 25, 2021 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
Park Georgia Realty Ltd. was found to have committed the following violations:
Failure to develop compliance policies and procedures that sufficiently covered the requirements;
Failure to assess and document the money laundering or terrorist activity financing (ML/TF) risks of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to include the frequency and how training would be maintained on an ongoing basis in its training program;
Failure to establish and document the prescribed review of its compliance policies and procedures, risk assessment and training program; and
Failure to keep prescribed information in client information and receipt of funds records.

Quote
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada
Quick Facts
As Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.
Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC.
FINTRAC’s Administrative Monetary Penalties program is one of the most open and transparent of its kind, including in relation to penalty calculations.
With the changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in 2019, FINTRAC is required to make public the name of all persons and entities that receive an administrative monetary penalty.
Related Products
Contacts
Media RelationsFinancial Transactions and Reports Analysis Centre of Canada613-947-6875
[email protected].

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FINTRAC imposes an administrative monetary penalty on RE/MAX All-Stars Realty Inc.

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FINTRAC imposes an administrative monetary penalty on RE/MAX All-Stars Realty Inc.

FINTRAC announced today that it has imposed an administrative monetary penalty on RE/MAX All-Stars Realty Inc. This real estate broker in Unionville, Ontario, was imposed an administrative monetary penalty of $31,350 on January 5, 2021, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.
RE/MAX All-Stars Realty Inc. was found to have committed the following violation:
Failure to provide, in accordance with a notice, most of the requested compliance program documentation for purposes of a compliance examination.

Quote
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada
Quick Facts
As Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.
Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC.
FINTRAC’s Administrative Monetary Penalties program is one of the most open and transparent of its kind, including in relation to penalty calculations.
With the changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in 2019, FINTRAC is required to make public the name of all persons and entities that receive an administrative monetary penalty.
Related Products
Contacts
Media RelationsFinancial Transactions and Reports Analysis Centre of Canada613-947-6875
[email protected].

[Read More] […]

Read More…