Regulatory Alerts2022-10-13
FINTRAC Imposes Administrative Monetary Penalty on LaBoutique Realty Ltd
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $275,385 administrative monetary penalty on Vancouver-based LaBoutique Realty Ltd. for systemic non-compliance with anti-money laundering and terrorist financing regulations. The brokerage failed to submit required suspicious and large cash transaction reports, neglected to implement adequate compliance policies and staff training programs, and maintained incomplete client identification records. This enforcement action underscores FINTRAC’s commitment to holding real estate sector participants accountable for their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to safeguard Canada’s financial system.
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