Regulatory Alerts2023-10-27
FINTRAC imposes an administrative monetary penalty on Norwich Real Estate Services Inc.
FINTRAC imposed a $156,750 administrative monetary penalty on Kelowna-based real estate broker Norwich Real Estate Services Inc. for violating Canada's anti-money laundering regulations. The penalty addresses the broker's failure to submit a suspicious transaction report despite reasonable grounds to suspect the transactions were linked to money laundering. Issued under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, the non-punitive penalty aims to compel compliance with mandatory reporting and client identification obligations.
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