Regulatory Alerts2022-03-22
FINTRAC imposes an administrative monetary penalty on Forest Hill Real Estate Inc.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $22,770 administrative monetary penalty on Toronto-based Forest Hill Real Estate Inc. for violating Canada's anti-money laundering and anti-terrorist financing regulations. The real estate broker was cited for failing to establish comprehensive written compliance policies, assess money laundering risks across its operations, maintain required transaction and corporate records, and properly identify individuals acting on behalf of entities. This enforcement action underscores FINTRAC's commitment to regulatory compliance, as public disclosure of such penalties is mandated following 2019 legislative amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.