The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative monetary penalty of $17,535 on the Montreal-based firm Services Financiers C.M. Inc. after it violated the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
In a press release issued on November 18, FINTRA said that C.M. had incomplete written policies and procedures for compliance matters, and had failed to assess and document risks related to money laundering and terrorist financing. The regulator also found that the company had an inadequate compliance training program, and had incomplete record keeping in respect of foreign exchange transaction tickets.
"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," says FINTRAC's director Gérald Cossette. "Our compliance efforts are meant to ensure 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."