Regulatory Alerts2021-03-22
FINTRAC imposes an administrative monetary penalty on Park Georgia Realty Ltd.
FINTRAC imposed a $66,742.50 administrative monetary penalty on Vancouver-based real estate broker Park Georgia Realty Ltd. for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The regulator cited five specific violations, including inadequate compliance policies, unassessed money laundering and terrorist financing risks, insufficient training protocols, missing program reviews, and improper client recordkeeping. This enforcement action highlights FINTRAC's mandate to enforce anti-money laundering obligations across regulated sectors and reflects the 2019 legislative requirement to publicly disclose all administrative penalties.
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