Regulatory Alerts2025-05-01
FINTRAC imposes an administrative monetary penalty on Immeubles Jack Sera Inc.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed a $107,250 administrative monetary penalty on Laval-based real estate broker Immeubles Jack Sera Inc. (operating as Royal LePage Classic) for violating anti-money laundering regulations. Following a 2022 compliance examination, the firm was found to have failed to develop updated written compliance policies, conduct required money laundering and terrorist financing risk assessments, implement ongoing staff training, and perform prescribed compliance program reviews. The penalty, issued under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, underscores FINTRAC's enforcement efforts to ensure real estate sector adherence to client identification, record-keeping, and suspicious transaction reporting obligations.