Regulatory Alerts2023-10-31
FINTRAC imposes an administrative monetary penalty on Austin Jewellers
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $66,000 administrative monetary penalty on Austin Jewellers for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The Coquitlam-based precious metals and stones dealer was cited for failing to develop written compliance policies and procedures, as well as failing to assess and document money laundering and terrorist financing risks. FINTRAC issued this non-punitive penalty to encourage behavioral change and reinforce compliance obligations across regulated business sectors under Canada’s anti-money laundering regime.
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