Regulatory Alerts2021-05-19
FINTRAC imposes an administrative monetary penalty on Magasin Château D'Ivoire Inc.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $206,910 administrative monetary penalty on Magasin Château D'Ivoire Inc. for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The Montréal-based precious metals dealer failed to implement required compliance policies, conduct money laundering risk assessments, establish a written training program, and submit mandatory large cash and suspicious transaction reports. This enforcement action underscores FINTRAC's commitment to enforcing anti-money laundering obligations across regulated sectors and ensures public transparency regarding entities that breach Canada's financial security framework.
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