Regulatory Alerts2021-06-25
FINTRAC Imposes Administrative Monetary Penalty on Les Immeubles Diamant Diamant Inc.
FINTRAC imposed a $123,915 administrative monetary penalty on Montreal-based real estate broker Les Immeubles Diamant Diamant Inc. for multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The firm failed to designate a compliance officer, develop adequate anti-money laundering policies, conduct ongoing risk assessments, maintain staff training programs, and retain required client information records. Under the 2019 amendments to the Act, FINTRAC publicly discloses all administrative penalties to ensure transparency and enforce compliance across regulated sectors.
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