Regulatory Alerts2022-07-21
FINTRAC imposes an administrative monetary penalty on Thanh Hung Truong (Bijouterie Kim Dung)
FINTRAC imposed a $41,250 administrative monetary penalty on May 5, 2022, on Thanh Hung Truong (operating as Bijouterie Kim Dung) for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The money services business failed to establish written compliance policies and procedures and neglected to assess and document money laundering or terrorist financing risks associated with its geographic locations, products, delivery channels, and client relationships. This enforcement action underscores FINTRAC’s commitment to ensuring regulated entities maintain robust anti-money laundering regimes to safeguard Canada’s financial system and national security.
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