Regulatory Alerts2025-02-13
FINTRAC imposes an administrative monetary penalty on Argosy Securities Inc.
FINTRAC imposed a $66,000 administrative monetary penalty on Richmond Hill-based wealth management firm Argosy Securities Inc. for violating Canada’s anti-money laundering and terrorist financing regulations. The enforcement action addresses the firm's failure to develop senior-approved compliance policies, assess and document money laundering and terrorist financing risks, and conduct prescribed reviews of its compliance and training programs. Argosy Securities Inc. has paid the penalty in full, concluding FINTRAC’s enforcement proceedings under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Share