Regulatory Alerts2022-07-12
FINTRAC Imposes Administrative Monetary Penalty on Nu Stream Realty Inc.
FINTRAC has imposed a $230,423 administrative monetary penalty on Nu Stream Realty Inc. for failing to meet mandatory anti-money laundering and terrorist financing compliance requirements under Canadian law. The enforcement action addresses seven specific violations, including the failure to file suspicious transaction reports, designate a compliance officer, conduct biennial policy reviews, and maintain accurate client identification and funds records. This penalty reinforces FINTRAC’s mandate to ensure all regulated entities strictly adhere to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated obligations.
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