The Alberta RCMP Integrated Market Enforcement Team (IMET) has laid charges against a Calgary-based financial advisor after investigating allegations of a multi-million-dollar fraud and secret commission.
After an extensive investigation, Jeffrey Ber, 38, of Calgary, Alta., has been charged with the following:

Two counts of Fraud Over $5,000, contrary to Section 380(1) of the Criminal Code; and
One count of Secret Commission, contrary to Section 426(1)(a) of the Criminal Code.

The investigation followed a referral received from the Alberta Securities Commission (ASC) and revealed that Ber conducted trades in client accounts without their knowledge and without discretionary authority. Ber downgraded clients’ accounts without their knowledge or consent, in some cases selling their blue chip stocks to purchase a publicly-traded penny stock. The investigation revealed that Ber received a secret commission from a company for his placement of its shares into his clients’ portfolios.
Ber is scheduled to appear in Calgary Provincial Court on Monday, July 19, 2021.
The Alberta RCMP IMET was able to successfully carry out this investigation in collaboration with the Forensic Accounting Management Group, Financial Transactions and Reports Analysis Center of Canada, Public Prosecution Service of Canada and Specialized Prosecutions of the Province of Alberta, as well as the ASC.
“The charges laid in this investigation by IMET are an example of the RCMP’s commitment to hold accountable those persons who put Albertans’ finances at risk. The lengthy and laborious work by investigators, combined with the assistance of and collaboration with our partners, has successfully brought this matter before the courts.”
– Insp. Charlene O’Neill, Officer in Charge of Calgary IMET
IMET is a specialized unit under the RCMP Federal Policing program that detects, investigates, and deters market fraud. IMET works closely with the ASC to protect investors and further enhance confidence in Canada’s capital markets.

[Read More] […]

Read More…

The Alberta RCMP Integrated Market Enforcement Team (IMET) has laid charges against a Calgary-based financial advisor after investigating allegations of a multi-million-dollar fraud and secret commission.
After an extensive investigation, Jeffrey Ber, 38, of Calgary, Alta., has been charged with the following:

Two counts of Fraud Over $5,000, contrary to Section 380(1) of the Criminal Code; and
One count of Secret Commission, contrary to Section 426(1)(a) of the Criminal Code.

The investigation followed a referral received from the Alberta Securities Commission (ASC) and revealed that Ber conducted trades in client accounts without their knowledge and without discretionary authority. Ber downgraded clients’ accounts without their knowledge or consent, in some cases selling their blue chip stocks to purchase a publicly-traded penny stock. The investigation revealed that Ber received a secret commission from a company for his placement of its shares into his clients’ portfolios.
Ber is scheduled to appear in Calgary Provincial Court on Monday, July 19, 2021.
The Alberta RCMP IMET was able to successfully carry out this investigation in collaboration with the Forensic Accounting Management Group, Financial Transactions and Reports Analysis Center of Canada, Public Prosecution Service of Canada and Specialized Prosecutions of the Province of Alberta, as well as the ASC.
“The charges laid in this investigation by IMET are an example of the RCMP’s commitment to hold accountable those persons who put Albertans’ finances at risk. The lengthy and laborious work by investigators, combined with the assistance of and collaboration with our partners, has successfully brought this matter before the courts.”
– Insp. Charlene O’Neill, Officer in Charge of Calgary IMET
IMET is a specialized unit under the RCMP Federal Policing program that detects, investigates, and deters market fraud. IMET works closely with the ASC to protect investors and further enhance confidence in Canada’s capital markets.

[Read More] […]

Read More…

The Alberta RCMP Integrated Market Enforcement Team (IMET) has laid charges against a Calgary-based financial advisor after investigating allegations of a multi-million-dollar fraud and secret commission.
After an extensive investigation, Jeffrey Ber, 38, of Calgary, Alta., has been charged with the following:

Two counts of Fraud Over $5,000, contrary to Section 380(1) of the Criminal Code; and
One count of Secret Commission, contrary to Section 426(1)(a) of the Criminal Code.

The investigation followed a referral received from the Alberta Securities Commission (ASC) and revealed that Ber conducted trades in client accounts without their knowledge and without discretionary authority. Ber downgraded clients’ accounts without their knowledge or consent, in some cases selling their blue chip stocks to purchase a publicly-traded penny stock. The investigation revealed that Ber received a secret commission from a company for his placement of its shares into his clients’ portfolios.
Ber is scheduled to appear in Calgary Provincial Court on Monday, July 19, 2021.
The Alberta RCMP IMET was able to successfully carry out this investigation in collaboration with the Forensic Accounting Management Group, Financial Transactions and Reports Analysis Center of Canada, Public Prosecution Service of Canada and Specialized Prosecutions of the Province of Alberta, as well as the ASC.
“The charges laid in this investigation by IMET are an example of the RCMP’s commitment to hold accountable those persons who put Albertans’ finances at risk. The lengthy and laborious work by investigators, combined with the assistance of and collaboration with our partners, has successfully brought this matter before the courts.”
– Insp. Charlene O’Neill, Officer in Charge of Calgary IMET
IMET is a specialized unit under the RCMP Federal Policing program that detects, investigates, and deters market fraud. IMET works closely with the ASC to protect investors and further enhance confidence in Canada’s capital markets.

[Read More] […]

Read More…

The Alberta RCMP Integrated Market Enforcement Team (IMET) has laid charges against a Calgary-based financial advisor after investigating allegations of a multi-million-dollar fraud and secret commission.
After an extensive investigation, Jeffrey Ber, 38, of Calgary, Alta., has been charged with the following:

Two counts of Fraud Over $5,000, contrary to Section 380(1) of the Criminal Code; and
One count of Secret Commission, contrary to Section 426(1)(a) of the Criminal Code.

The investigation followed a referral received from the Alberta Securities Commission (ASC) and revealed that Ber conducted trades in client accounts without their knowledge and without discretionary authority. Ber downgraded clients’ accounts without their knowledge or consent, in some cases selling their blue chip stocks to purchase a publicly-traded penny stock. The investigation revealed that Ber received a secret commission from a company for his placement of its shares into his clients’ portfolios.
Ber is scheduled to appear in Calgary Provincial Court on Monday, July 19, 2021.
The Alberta RCMP IMET was able to successfully carry out this investigation in collaboration with the Forensic Accounting Management Group, Financial Transactions and Reports Analysis Center of Canada, Public Prosecution Service of Canada and Specialized Prosecutions of the Province of Alberta, as well as the ASC.
“The charges laid in this investigation by IMET are an example of the RCMP’s commitment to hold accountable those persons who put Albertans’ finances at risk. The lengthy and laborious work by investigators, combined with the assistance of and collaboration with our partners, has successfully brought this matter before the courts.”
– Insp. Charlene O’Neill, Officer in Charge of Calgary IMET
IMET is a specialized unit under the RCMP Federal Policing program that detects, investigates, and deters market fraud. IMET works closely with the ASC to protect investors and further enhance confidence in Canada’s capital markets.

[Read More] […]

Read More…

The Alberta RCMP Integrated Market Enforcement Team (IMET) has laid charges against a Calgary-based financial advisor after investigating allegations of a multi-million-dollar fraud and secret commission.
After an extensive investigation, Jeffrey Ber, 38, of Calgary, Alta., has been charged with the following:

Two counts of Fraud Over $5,000, contrary to Section 380(1) of the Criminal Code; and
One count of Secret Commission, contrary to Section 426(1)(a) of the Criminal Code.

The investigation followed a referral received from the Alberta Securities Commission (ASC) and revealed that Ber conducted trades in client accounts without their knowledge and without discretionary authority. Ber downgraded clients’ accounts without their knowledge or consent, in some cases selling their blue chip stocks to purchase a publicly-traded penny stock. The investigation revealed that Ber received a secret commission from a company for his placement of its shares into his clients’ portfolios.
Ber is scheduled to appear in Calgary Provincial Court on Monday, July 19, 2021.
The Alberta RCMP IMET was able to successfully carry out this investigation in collaboration with the Forensic Accounting Management Group, Financial Transactions and Reports Analysis Center of Canada, Public Prosecution Service of Canada and Specialized Prosecutions of the Province of Alberta, as well as the ASC.
“The charges laid in this investigation by IMET are an example of the RCMP’s commitment to hold accountable those persons who put Albertans’ finances at risk. The lengthy and laborious work by investigators, combined with the assistance of and collaboration with our partners, has successfully brought this matter before the courts.”
– Insp. Charlene O’Neill, Officer in Charge of Calgary IMET
IMET is a specialized unit under the RCMP Federal Policing program that detects, investigates, and deters market fraud. IMET works closely with the ASC to protect investors and further enhance confidence in Canada’s capital markets.

[Read More] […]

Read More…

The Alberta RCMP Integrated Market Enforcement Team (IMET) has laid charges against a Calgary-based financial advisor after investigating allegations of a multi-million-dollar fraud and secret commission.
After an extensive investigation, Jeffrey Ber, 38, of Calgary, Alta., has been charged with the following:

Two counts of Fraud Over $5,000, contrary to Section 380(1) of the Criminal Code; and
One count of Secret Commission, contrary to Section 426(1)(a) of the Criminal Code.

The investigation followed a referral received from the Alberta Securities Commission (ASC) and revealed that Ber conducted trades in client accounts without their knowledge and without discretionary authority. Ber downgraded clients’ accounts without their knowledge or consent, in some cases selling their blue chip stocks to purchase a publicly-traded penny stock. The investigation revealed that Ber received a secret commission from a company for his placement of its shares into his clients’ portfolios.
Ber is scheduled to appear in Calgary Provincial Court on Monday, July 19, 2021.
The Alberta RCMP IMET was able to successfully carry out this investigation in collaboration with the Forensic Accounting Management Group, Financial Transactions and Reports Analysis Center of Canada, Public Prosecution Service of Canada and Specialized Prosecutions of the Province of Alberta, as well as the ASC.
“The charges laid in this investigation by IMET are an example of the RCMP’s commitment to hold accountable those persons who put Albertans’ finances at risk. The lengthy and laborious work by investigators, combined with the assistance of and collaboration with our partners, has successfully brought this matter before the courts.”
– Insp. Charlene O’Neill, Officer in Charge of Calgary IMET
IMET is a specialized unit under the RCMP Federal Policing program that detects, investigates, and deters market fraud. IMET works closely with the ASC to protect investors and further enhance confidence in Canada’s capital markets.

[Read More] […]

Read More…

The Alberta RCMP Integrated Market Enforcement Team (IMET) has laid charges against a Calgary-based financial advisor after investigating allegations of a multi-million-dollar fraud and secret commission.
After an extensive investigation, Jeffrey Ber, 38, of Calgary, Alta., has been charged with the following:

Two counts of Fraud Over $5,000, contrary to Section 380(1) of the Criminal Code; and
One count of Secret Commission, contrary to Section 426(1)(a) of the Criminal Code.

The investigation followed a referral received from the Alberta Securities Commission (ASC) and revealed that Ber conducted trades in client accounts without their knowledge and without discretionary authority. Ber downgraded clients’ accounts without their knowledge or consent, in some cases selling their blue chip stocks to purchase a publicly-traded penny stock. The investigation revealed that Ber received a secret commission from a company for his placement of its shares into his clients’ portfolios.
Ber is scheduled to appear in Calgary Provincial Court on Monday, July 19, 2021.
The Alberta RCMP IMET was able to successfully carry out this investigation in collaboration with the Forensic Accounting Management Group, Financial Transactions and Reports Analysis Center of Canada, Public Prosecution Service of Canada and Specialized Prosecutions of the Province of Alberta, as well as the ASC.
“The charges laid in this investigation by IMET are an example of the RCMP’s commitment to hold accountable those persons who put Albertans’ finances at risk. The lengthy and laborious work by investigators, combined with the assistance of and collaboration with our partners, has successfully brought this matter before the courts.”
– Insp. Charlene O’Neill, Officer in Charge of Calgary IMET
IMET is a specialized unit under the RCMP Federal Policing program that detects, investigates, and deters market fraud. IMET works closely with the ASC to protect investors and further enhance confidence in Canada’s capital markets.

[Read More] […]

Read More…

The Alberta RCMP Integrated Market Enforcement Team (IMET) has laid charges against a Calgary-based financial advisor after investigating allegations of a multi-million-dollar fraud and secret commission.
After an extensive investigation, Jeffrey Ber, 38, of Calgary, Alta., has been charged with the following:

Two counts of Fraud Over $5,000, contrary to Section 380(1) of the Criminal Code; and
One count of Secret Commission, contrary to Section 426(1)(a) of the Criminal Code.

The investigation followed a referral received from the Alberta Securities Commission (ASC) and revealed that Ber conducted trades in client accounts without their knowledge and without discretionary authority. Ber downgraded clients’ accounts without their knowledge or consent, in some cases selling their blue chip stocks to purchase a publicly-traded penny stock. The investigation revealed that Ber received a secret commission from a company for his placement of its shares into his clients’ portfolios.
Ber is scheduled to appear in Calgary Provincial Court on Monday, July 19, 2021.
The Alberta RCMP IMET was able to successfully carry out this investigation in collaboration with the Forensic Accounting Management Group, Financial Transactions and Reports Analysis Center of Canada, Public Prosecution Service of Canada and Specialized Prosecutions of the Province of Alberta, as well as the ASC.
“The charges laid in this investigation by IMET are an example of the RCMP’s commitment to hold accountable those persons who put Albertans’ finances at risk. The lengthy and laborious work by investigators, combined with the assistance of and collaboration with our partners, has successfully brought this matter before the courts.”
– Insp. Charlene O’Neill, Officer in Charge of Calgary IMET
IMET is a specialized unit under the RCMP Federal Policing program that detects, investigates, and deters market fraud. IMET works closely with the ASC to protect investors and further enhance confidence in Canada’s capital markets.

[Read More] […]

Read More…

The Alberta RCMP Integrated Market Enforcement Team (IMET) has laid charges against a Calgary-based financial advisor after investigating allegations of a multi-million-dollar fraud and secret commission.
After an extensive investigation, Jeffrey Ber, 38, of Calgary, Alta., has been charged with the following:

Two counts of Fraud Over $5,000, contrary to Section 380(1) of the Criminal Code; and
One count of Secret Commission, contrary to Section 426(1)(a) of the Criminal Code.

The investigation followed a referral received from the Alberta Securities Commission (ASC) and revealed that Ber conducted trades in client accounts without their knowledge and without discretionary authority. Ber downgraded clients’ accounts without their knowledge or consent, in some cases selling their blue chip stocks to purchase a publicly-traded penny stock. The investigation revealed that Ber received a secret commission from a company for his placement of its shares into his clients’ portfolios.
Ber is scheduled to appear in Calgary Provincial Court on Monday, July 19, 2021.
The Alberta RCMP IMET was able to successfully carry out this investigation in collaboration with the Forensic Accounting Management Group, Financial Transactions and Reports Analysis Center of Canada, Public Prosecution Service of Canada and Specialized Prosecutions of the Province of Alberta, as well as the ASC.
“The charges laid in this investigation by IMET are an example of the RCMP’s commitment to hold accountable those persons who put Albertans’ finances at risk. The lengthy and laborious work by investigators, combined with the assistance of and collaboration with our partners, has successfully brought this matter before the courts.”
– Insp. Charlene O’Neill, Officer in Charge of Calgary IMET
IMET is a specialized unit under the RCMP Federal Policing program that detects, investigates, and deters market fraud. IMET works closely with the ASC to protect investors and further enhance confidence in Canada’s capital markets.

[Read More] […]

Read More…

FINTRAC imposes an administrative monetary penalty on Les Immeubles Diamant Diamant Inc.

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FINTRAC imposes an administrative monetary penalty on Les Immeubles Diamant Diamant Inc.

FINTRAC announced today that it has imposed an administrative monetary penalty on Les Immeubles Diamant Diamant Inc., also operating as Diamond Diamond Real Estate Inc. This real estate broker in Montréal, Quebec, was imposed an administrative monetary penalty of $123,915 on March 29, 2021, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.
Les Immeubles Diamant Diamant Inc. was found to have committed the following violations:

Failure to ensure that the appointed person was responsible for implementing a compliance program;
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) risk of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to keep a written ongoing compliance training program;
Failure to institute and document a review, every two years, to assess the effectiveness of its policies and procedures, risk assessment and training program; and
Failure to keep all the prescribed information in client information 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 Les Immeubles Diamant Diamant Inc.

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Home
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News releases
FINTRAC imposes an administrative monetary penalty on Les Immeubles Diamant Diamant Inc.

FINTRAC announced today that it has imposed an administrative monetary penalty on Les Immeubles Diamant Diamant Inc., also operating as Diamond Diamond Real Estate Inc. This real estate broker in Montréal, Quebec, was imposed an administrative monetary penalty of $123,915 on March 29, 2021, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.
Les Immeubles Diamant Diamant Inc. was found to have committed the following violations:

Failure to ensure that the appointed person was responsible for implementing a compliance program;
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) risk of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to keep a written ongoing compliance training program;
Failure to institute and document a review, every two years, to assess the effectiveness of its policies and procedures, risk assessment and training program; and
Failure to keep all the prescribed information in client information 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 Les Immeubles Diamant Diamant Inc.

You are here:

Home
News
News releases
FINTRAC imposes an administrative monetary penalty on Les Immeubles Diamant Diamant Inc.

FINTRAC announced today that it has imposed an administrative monetary penalty on Les Immeubles Diamant Diamant Inc., also operating as Diamond Diamond Real Estate Inc. This real estate broker in Montréal, Quebec, was imposed an administrative monetary penalty of $123,915 on March 29, 2021, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.
Les Immeubles Diamant Diamant Inc. was found to have committed the following violations:

Failure to ensure that the appointed person was responsible for implementing a compliance program;
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) risk of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to keep a written ongoing compliance training program;
Failure to institute and document a review, every two years, to assess the effectiveness of its policies and procedures, risk assessment and training program; and
Failure to keep all the prescribed information in client information 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 Les Immeubles Diamant Diamant Inc.

You are here:

Home
News
News releases
FINTRAC imposes an administrative monetary penalty on Les Immeubles Diamant Diamant Inc.

FINTRAC announced today that it has imposed an administrative monetary penalty on Les Immeubles Diamant Diamant Inc., also operating as Diamond Diamond Real Estate Inc. This real estate broker in Montréal, Quebec, was imposed an administrative monetary penalty of $123,915 on March 29, 2021, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.
Les Immeubles Diamant Diamant Inc. was found to have committed the following violations:

Failure to ensure that the appointed person was responsible for implementing a compliance program;
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) risk of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to keep a written ongoing compliance training program;
Failure to institute and document a review, every two years, to assess the effectiveness of its policies and procedures, risk assessment and training program; and
Failure to keep all the prescribed information in client information 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 Les Immeubles Diamant Diamant Inc.

You are here:

Home
News
News releases
FINTRAC imposes an administrative monetary penalty on Les Immeubles Diamant Diamant Inc.

FINTRAC announced today that it has imposed an administrative monetary penalty on Les Immeubles Diamant Diamant Inc., also operating as Diamond Diamond Real Estate Inc. This real estate broker in Montréal, Quebec, was imposed an administrative monetary penalty of $123,915 on March 29, 2021, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.
Les Immeubles Diamant Diamant Inc. was found to have committed the following violations:

Failure to ensure that the appointed person was responsible for implementing a compliance program;
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) risk of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to keep a written ongoing compliance training program;
Failure to institute and document a review, every two years, to assess the effectiveness of its policies and procedures, risk assessment and training program; and
Failure to keep all the prescribed information in client information 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 Les Immeubles Diamant Diamant Inc.

You are here:

Home
News
News releases
FINTRAC imposes an administrative monetary penalty on Les Immeubles Diamant Diamant Inc.

FINTRAC announced today that it has imposed an administrative monetary penalty on Les Immeubles Diamant Diamant Inc., also operating as Diamond Diamond Real Estate Inc. This real estate broker in Montréal, Quebec, was imposed an administrative monetary penalty of $123,915 on March 29, 2021, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.
Les Immeubles Diamant Diamant Inc. was found to have committed the following violations:

Failure to ensure that the appointed person was responsible for implementing a compliance program;
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) risk of its geographic locations, products and delivery channels, and clients and business relationships;
Failure to keep a written ongoing compliance training program;
Failure to institute and document a review, every two years, to assess the effectiveness of its policies and procedures, risk assessment and training program; and
Failure to keep all the prescribed information in client information 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…