Regulatory Alerts2023-05-24
FINTRAC imposes an administrative monetary penalty on Niavaran Canada Inc.
FINTRAC imposed a $57,255 administrative monetary penalty on Niavaran Canada Inc. for failing to comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The money services business violated regulations by omitting electronic funds transfer reports, neglecting risk assessments for products and technologies, failing to document policy reviews and training, and not retaining required foreign exchange transaction records. This enforcement action demonstrates FINTRAC's commitment to ensuring regulated entities maintain strict compliance protocols to safeguard Canada's financial system from illicit activities.
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