Regulatory Alerts2021-03-18
FINTRAC imposes an administrative monetary penalty on RE/MAX All-Stars Realty Inc.
FINTRAC has imposed a $31,350 administrative monetary penalty on RE/MAX All-Stars Realty Inc. for violating Canada's anti-money laundering regulations. The Unionville-based real estate broker was sanctioned on January 5, 2021, after failing to submit most of the requested compliance program documentation during a regulatory examination. This enforcement action reinforces the regulator's mandate to ensure all designated businesses under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act maintain strict compliance with their reporting and record-keeping obligations.
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