Region

Jurisdiction

Regulator

2022-07-21

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.

Canada

Financial Transactions and Reports Analysis Centre Canada

News Release

July 21, 2022 , Ottawa Ontario

FINTRAC announced today that it has imposed an administrative monetary penalty on Thanh Hung Truong, also operating as Bijouterie Kim Dung. This money services business in Montréal, Quebec, was imposed an administrative monetary penalty of $41,250 on May 5, 2022, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

Thanh Hung Truong was found to have committed the following violations:

Failure to develop written compliance policies and procedures; and

Failure to assess and document the money laundering or terrorist activity financing risk of its geographic locations, products and delivery channels, and clients and business relationships.

Quote

“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”

Quick Facts

As Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.

Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC.

FINTRAC’s Administrative Monetary Penalties program is one of the most open and transparent of its kind, including in relation to penalty calculations.