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Press Release: FINTRAC issues another penalty

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Business

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) was given the power in Dec 2008 to assign administrative monetary penalties (AMPs) to businesses for non-compliance with the AML/CTF regulations. Since that time they have published AMPs finalised for 13 different organizations totalling $136,620. The AMPs have ranged from $3000 to $36,100.

The most recently published AMP was given to:

- "Reza Eshghi, operating as Express Money Exchange, engaged in a money services business in Thornhill, Ontario, was issued a penalty of $3,190 on September 14, 2010, for committing one violation"

At this time the AMPs have been assigned to real estate groups and money services businesses but there have been reports of fines that are under appeal for provincial lottery corporations, credit unions, and at least one big bank.

It is reasonable to believe that FINTRAC is just getting started with the AMPs and that we will see many more in the near future. This emphasizes the need for companies to ensure they are compliant and be able to document and demonstrate the efforts they have made to become so.

A key element of compliance is appropriate training for everyone involved; this includes the compliance officer, upper management, front line staff, and the board of directors. The Canadian Anti-Money Laundering Institute (CAMLI) offers a variety of resources to assist in this training.  Please click here to view our full library of training resources or email us at contactus@camli.org for more information

 


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