Regulatory Alerts2024-01-17
FINTRAC imposes an administrative monetary penalty on Global West Realty Limited
FINTRAC has imposed a $132,000 administrative monetary penalty on Global West Realty Limited, a Mississauga-based real estate brokerage, for failing to comply with Canada’s anti-money laundering and terrorist financing regulations. The penalty follows a 2021 compliance examination that identified five administrative violations, including the absence of a designated compliance officer, missing written policies and risk assessments, and inadequate staff training and program reviews. Issued under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, the non-punitive penalty aims to compel the brokerage to implement a robust compliance regime and align with mandatory reporting and client identification obligations.
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