Regulatory Alerts2021-11-04
Added · Updated
FINTRAC imposes an administrative monetary penalty on Pacific Place – Arc Realty Ltd
FINTRAC imposed a $255,750 administrative monetary penalty on Vancouver-based real estate broker Pacific Place – Arc Realty Ltd. for six systemic compliance failures under Canada’s anti-money laundering legislation. The violations included inadequate client identity verification, insufficient risk assessments, lack of documented staff training, and a failure to file a required suspicious transaction report. This enforcement action underscores FINTRAC’s mandate to ensure strict adherence to compliance programs and transaction reporting obligations across regulated sectors to protect Canada’s financial system.
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