Regulatory Alerts2022-10-18
FINTRAC imposes an administrative monetary penalty on Cathay Pacific Realty Ltd
FINTRAC imposed a $206,250 administrative monetary penalty on Vancouver-based real estate broker Cathay Pacific Realty Ltd. for multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The firm failed to submit required suspicious transaction reports, develop and apply compliance policies, assess money laundering and terrorist financing risks, maintain ongoing staff training, and conduct biennial program effectiveness reviews. This enforcement action underscores FINTRAC’s commitment to ensuring real estate sector compliance with Canada’s anti-money laundering regime to protect national economic security.
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