Regulatory Alerts2023-08-10
FINTRAC imposes an administrative monetary penalty on The Centre Pacific Project Marketing Corp.
FINTRAC imposed a $57,915 administrative monetary penalty on Vancouver-based real estate broker The Centre Pacific Project Marketing Corp. for systemic non-compliance with Canada’s anti-money laundering and anti-terrorist financing regulations. The violations include failures to establish a designated compliance officer, develop and apply adequate policies for suspicious transaction reporting and client identity verification, conduct geographic and product risk assessments, and maintain required training and record-keeping programs. Issued under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, the penalty aims to enforce regulatory adherence and encourage corrective action within the real estate sector.
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