Regulatory Alerts2021-05-19
Added · Updated
FINTRAC imposes an administrative monetary penalty on Magasin Château D'Ivoire Inc.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $206,910 administrative monetary penalty on Magasin Château D'Ivoire Inc. for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The Montréal-based precious metals dealer failed to implement required compliance policies, conduct money laundering risk assessments, establish a written training program, and submit mandatory large cash and suspicious transaction reports. This enforcement action underscores FINTRAC's commitment to enforcing anti-money laundering obligations across regulated sectors and ensures public transparency regarding entities that breach Canada's financial security framework.
More like this from FINTRAC
We email you every new FINTRAC publication the day it's published.