Regulatory Alerts2021-03-04
FINTRAC imposes an administrative monetary penalty on C&Z Holdings Ltd.
FINTRAC has imposed a $101,969 administrative monetary penalty on Vancouver-based money services business C&Z Holdings Limited (operating as Golden Apple) for multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The company failed to submit required large cash and electronic funds transfer reports, develop and maintain written compliance policies and risk assessments, conduct ongoing staff training, and preserve mandated transaction records. This public disclosure aligns with 2019 legislative amendments mandating transparency in FINTRAC's penalty program to enforce anti-money laundering and terrorist financing compliance across regulated sectors.
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