Region

Jurisdiction

Regulator

2022-06-23

FINTRAC imposes an administrative monetary penalty on Sokhom Ung, operating as Bureau de change Saint-Michel

FINTRAC issued a $33,000 administrative monetary penalty against Sokhom Ung, trading as Bureau de Change Saint-Michel, for non-compliance with Canada’s anti-money laundering framework. The Montréal money services business was sanctioned specifically for failing to register with the regulator as mandated by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. This enforcement action reinforces the mandatory registration, client identification, and transaction reporting obligations imposed on all designated financial entities to protect national economic security.

Canada

Financial Transactions and Reports Analysis Centre Canada

News Release

June 23, 2022 , Ottawa Ontario

FINTRAC announced today that it has imposed an administrative monetary penalty on Sokhom Ung, also operating as Bureau de Change Saint-Michel. This money services business in Montréal, Quebec, was imposed an administrative monetary penalty of $33,000 on March 29, 2022, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

Sokhom Ung was found to have committed the following violation:

Failure to register as a money services business with the Centre.

Quote

“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”

Quick Facts

As Canada's financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.

Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC.

FINTRAC's Administrative Monetary Penalties program is one of the most open and transparent of its kind, including in relation to penalty calculations.

With the changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in 2019, FINTRAC is required to make public the name of all persons and entities that receive an administrative monetary penalty.