Region

Jurisdiction

Regulator

2025-05-06

FINTRAC imposes an administrative monetary penalty on Immeubles Village Pointe-Claire Inc

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued a $36,360 administrative monetary penalty to Quebec real estate broker Immeubles Village Pointe-Claire Inc for violating anti-money laundering regulations following a 2022 compliance examination. The enforcement action addresses specific failures to implement written compliance policies, maintain ongoing staff training programs, and properly verify and record customer and entity identities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The penalty was paid in full to conclude the proceedings, underscoring FINTRAC’s commitment to enforcing regulatory compliance across Canada’s financial and real estate sectors.

Canada

Financial Transactions and Reports Analysis Centre Canada

News release

May 6, 2025 — Ottawa — Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

FINTRAC announced today that it has imposed an administrative monetary penalty on Immeubles Village Pointe-Claire Inc., also operating as Royal LePage Village Pointe-Claire and Royal LePage Village. Following a compliance examination in 2022, this real estate broker in Pointe-Claire, Quebec, was imposed an administrative monetary penalty of $36,360 on July 17, 2024, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.

Immeubles Village Pointe-Claire Inc. was found to have committed the following administrative violations:

Failure to develop and document written policies and procedures with respect to applicable ministerial directive; and, failure to apply its compliance policies and procedures in relation to third party determination, business relationship and ongoing monitoring requirements;

Failure to develop and maintain a written ongoing compliance training program;

Failure to keep prescribed information records to verify customer identity; and

Failure to keep prescribed information records to verify the identity of an entity.

The administrative monetary penalty will be paid in full by Immeubles Village Pointe-Claire Inc., and proceedings have ended.

Quote

“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC works with businesses to help them understand and comply with their obligations under the Act. We are also firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”

Quick facts

As Canada's financial intelligence unit and anti-money laundering and anti-terrorist financing supervisor, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and associated Regulations. The Centre also analyzes information and discloses financial intelligence to law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing, sanctions evasion and threats to the security of Canada.

Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC, including international electronic funds transfers, large cash transactions, large virtual currency transactions and suspicious transactions.

Suspicious transaction reporting, in particular, is critical to FINTRAC’s ability to generate actionable financial intelligence for Canada’s law enforcement and national security agencies.

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, administrative monetary penalties are meant to encourage change in the non-compliant behaviour of businesses.

In 2023–24, FINTRAC issued 12 Notices of Violation of non-compliance to businesses for a total of $26,115,999.50.

FINTRAC has imposed more than 140 penalties across most business sectors since it received the legislative authority to do so in 2008.