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FINTRAC fines precious metals and stones dealer CAD 206,910

FINTRAC imposes an administrative monetary penalty on Magasin Château D’Ivoire Inc.

FINTRAC announced today that it has imposed an administrative monetary penalty on Magasin Château D’Ivoire Inc., also operating as Château D’Ivoire. This dealer in precious metals and stones in Montréal, Quebec, was imposed an administrative monetary penalty of $206,910 on March 1, 2021, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

Magasin Château D’Ivoire Inc. was found to have committed the following violations:

  • Failure to develop compliance policies and procedures that covered the requirements relating to record-keeping and ongoing monitoring of business relationships, as well as procedures relating to the reporting of terrorist property;
  • Failure to assess and document the money laundering or terrorist activity financing (ML/TF) risk of its geographic locations, products and delivery channels, and clients and business relationships;
  • Failure to develop a written compliance training program that covered training on its policies and procedures, the frequency and timing of the training, and how it would be maintained on an ongoing basis;
  • Failure to submit large cash transaction reports for the receipt of $10,000 or more in cash; and
  • Failure to submit a suspicious transaction report where there were reasonable grounds to suspect that transactions were related to a money laundering offence.

Quote

“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”

Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada

Link:

Enforcement Action

Categories: Anti-Money Laundering Civil Monetary Penalties Enforcement Actions FINTRAC Updates

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