Regulatory Alerts2024-10-29
FINTRAC imposes an administrative monetary penalty on Jones Lang Lasalle Real Estate Services, Inc
FINTRAC issued a $107,827.50 administrative monetary penalty to Toronto-based real estate broker Jones Lang Lasalle Real Estate Services Inc following a 2022 compliance examination. The penalty addresses multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, including failures to properly document client due diligence, assess money laundering risks, maintain compliance training, conduct biennial policy reviews, and retain required financial records. The company has paid the full penalty, concluding the enforcement proceedings.
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