Regulatory Alerts2021-06-11
FINTRAC imposes an administrative monetary penalty on HomeLife Glenayre Realty Chilliwack Ltd.
FINTRAC imposed a $59,235 administrative monetary penalty on HomeLife Glenayre Realty Chilliwack Ltd. for systemic failures to comply with Canada’s anti-money laundering and anti-terrorist financing regulations. The real estate broker was cited for inadequate compliance policies, unassessed financial crime risks, deficient employee training, missing compliance reviews, and improper client record keeping. This enforcement action, finalized in February 2021, reinforces mandatory reporting and record-keeping obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
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