Regulatory Alerts2024-09-12
FINTRAC imposes an administrative monetary penalty on Canada Changjiang Management Ltd
The Financial Transactions and Reports Analysis Centre of Canada imposed a $315,282 administrative monetary penalty on Richmond-based money services business Canada Changjiang Management for systemic non-compliance with anti-money laundering and terrorist financing regulations. The penalty stems from the company's failure to submit required suspicious transaction reports, large cash and electronic funds transfer reports exceeding $10,000, and its neglect in developing updated compliance policies and documenting financial crime risks. The business has paid the penalty in full, concluding FINTRAC's enforcement proceedings and reinforcing the regulator's commitment to ensuring strict adherence to Canada's financial intelligence reporting obligations.