Regulatory Alerts2024-09-24
FINTRAC imposes an administrative monetary penalty on 1000085532 Ontario Inc.
FINTRAC imposed a $57,750 administrative monetary penalty on real estate broker 1000085532 Ontario Inc. for failing to comply with anti-money laundering and terrorist financing regulations. The penalty addresses the firm's specific violations, including inadequate client due diligence, unassessed money laundering risks, and missing compliance program reviews. The broker has paid the full amount to close the case, highlighting FINTRAC's continued enforcement of regulatory obligations across Canada's financial sector.
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