Regulatory Alerts2024-07-16
FINTRAC Imposes Administrative Monetary Penalty on Masters Realty (2000) Ltd.
FINTRAC has imposed an $83,655 administrative monetary penalty on West Vancouver real estate broker Masters Realty (2000) Ltd. for non-compliance with Canada’s anti-money laundering and terrorist financing regulations. The enforcement action addresses multiple violations, including the failure to implement required compliance policies, conduct geographic and client risk assessments, maintain prescribed client identification records, and perform ongoing monitoring of business relationships. Masters Realty has paid the penalty in full, concluding FINTRAC’s regulatory proceedings and reinforcing mandatory adherence to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
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