Regulatory Alerts2022-10-06
FINTRAC Imposes Administrative Monetary Penalty on Pan Pacific Platinum Real Estate Services Inc.
FINTRAC has imposed a $282,397.50 administrative monetary penalty on Pan Pacific Platinum Real Estate Services Inc. (LeHomes Realty) for multiple violations of Canada’s anti-money laundering and anti-terrorist financing regulations. The brokerage failed to submit suspicious transaction reports, establish adequate compliance policies and risk assessments, maintain staff training programs, and keep complete client identification records. This enforcement action demonstrates FINTRAC’s commitment to holding real estate professionals accountable for meeting their regulatory obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
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