FINTRAC Updates
FINTRAC revokes 32 registrations of money services businesses between April and September 2022 Money services businesses (MSBs) operating in Canada have legal obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act(PCMLTFA) and associated Regulations, including keeping records, verifying their clients’ identity, implementing a compliance regime, reporting certain […]
FINTRAC’s video series on methods to verify the identity of a client FINTRAC publishes the first of a series of videos on prescribed methods that can be used to verify the identity of a person or an entity. The first video explains how to use the government-issued photo identification document […]
FINTRAC information session for money services businesses engaged in providing payment services Are you a money services business or foreign money services business that provides invoice payment services or payment services for goods and services? Join us for a presentation and a question and answer session on: The recent amendments to the […]
Mr. Watchlist notes: 4 of 6 FINTRAC Enforcement Actions in 2021 involved real estate companies, and at least 4 of the 13 this year do (based purely on seeing the name Realty or similar in the name – there might be more). FINTRAC imposes an administrative monetary penalty on Cathay […]
FINTRAC imposes an administrative monetary penalty on LaBoutique Realty Ltd. FINTRAC announced today that it has imposed an administrative monetary penalty on LaBoutique Realty Ltd., also operating as LeHomes Realty First. This real estate brokerage in Vancouver, British Columbia was imposed an administrative monetary penalty of $275,385 on July 21, […]
Editor’s Note: Love the alliteration! FINTRAC imposes an administrative monetary penalty on Pan Pacific Platinum Real Estate Services Inc. 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 […]
FINTRAC publishes indicators on the laundering of proceeds from illicit cannabis in support of Project Legion News Release September 28, 2022, Ottawa Ontario FINTRAC published today its latest Operational Alert, Laundering of Proceeds from Illicit Cannabis, in support of Project Legion. This Operational Alert is meant to assist businesses subject […]
FINTRAC imposes an administrative monetary penalty on Cheetah Consulting Ltd. News Release August 16, 2022, Ottawa Ontario FINTRAC announced today that it has imposed an administrative monetary penalty on Cheetah Consulting Ltd. This money services business in Richmond, British Columbia, was imposed an administrative monetary penalty of $33,000 on July […]
FINTRAC imposes an administrative monetary penalty on Thanh Hung Truong (Bijouterie Kim Dung) News Release July 21, 2022, Ottawa Ontario FINTRAC announced today that it has imposed an administrative monetary penalty on Thanh Hung Truong, also operating as Bijouterie Kim Dung. This money services business in Montréal, Quebec, was imposed […]
FINTRAC imposes an administrative monetary penalty on Nu Stream Realty Inc. News Release July 12, 2022, Ottawa Ontario FINTRAC announced today that it has imposed an administrative monetary penalty on Nu Stream Realty Inc. This real estate broker in Burnaby, British Columbia, was imposed an administrative monetary penalty of $230,423 […]
Mr. Watchlist 