Regulatory Alerts2022-05-12
FINTRAC imposes an administrative monetary penalty on Montecristo Jewellers Inc.
FINTRAC imposed a $222,750 administrative monetary penalty on Vancouver-based Montecristo Jewellers Inc. for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The jeweller failed to submit required suspicious transaction reports, develop adequate compliance policies, properly assess money laundering risks for its locations and clients, and ensure staff received sufficient compliance training. This enforcement action underscores FINTRAC's commitment to transparency and its mandate to ensure regulated entities maintain robust anti-money laundering and anti-terrorist financing controls.
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