Regulatory Alerts2024-11-28
Added · Updated
FINTRAC imposes an administrative monetary penalty on Simple Canadian Services
FINTRAC has imposed a $229,350 administrative monetary penalty on Surrey-based money services business Simple Canadian Services for failing to meet mandatory anti-money laundering reporting, risk assessment, and compliance policy requirements. The sanction stems from a 2022 compliance examination that uncovered five specific violations, including neglecting to submit incoming electronic funds transfer reports of $10,000 or more, develop updated compliance procedures, and treat foreign jurisdiction transactions as high-risk. Issued under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, the non-punitive penalty aims to enforce regulatory adherence and safeguard Canada’s financial system from illicit activities.
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