Regulatory Alerts2024-07-31
FINTRAC Imposes Administrative Monetary Penalty on Gestion de Patrimoine Blue Bridge Inc.
FINTRAC has imposed a $49,500 administrative monetary penalty on Gestion de Patrimoine Blue Bridge Inc. for failing to comply with Canada’s anti-money laundering and terrorist financing regulations. The enforcement action addresses the firm's specific violations, including the absence of updated written compliance policies and inadequate risk assessments for money laundering and terrorist financing threats. The wealth management company has paid the penalty in full, bringing the compliance proceedings to a close.
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