FINTRAC Updates
On April 5th, FINTRAC, the Canadian FIU, announced that it had levied administrative penalties on 3 firms for violations of PCMLTFA (Prevention of Crime (Money Laundering) and Terrorist Financing Act and the attendant regulations (PCMLTFR): Diamond Exchange Toronto (Toronto, Ontario): CAD 12,750 Failure to develop and apply written compliance policies […]
Groupe Mackay Inc., a real estate broker in Lachine, Quebec, was imposed an administrative monetary penalty of $34,175 on January 14, 2016 for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR). Groupe Mackay Inc. […]
Both FINTRAC and OSFI posted copies of the latest FATF pronouncements about deficient jurisdictions (OSFI links to FINTRAC's advisory). Here's the meat of the advisory – kind of lengthy, but that's because there are a significant number of short sections: Financial transactions related to countries identified by the Financial Action […]
Here's the short, but sweet, press release: FINTRAC imposes an administrative monetary penalty on Countrywide Generations Realty Ltd., in Pickering, Ontario September 11, 2015 – Ottawa, ON – Financial Transactions and Reports Analysis Centre of Canada Countrywide Generations Realty Ltd., a real estate broker in Pickering, Ontario, was imposed an […]
The Canadian government has proposed a number of amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. They have published the proposed amendments and a regulatory impact statement in the Canada Gazette and have invited comment. All the items out for consultation are listed on Finance Canada's […]
From the press release: FINTRAC imposes an administrative monetary penalty on Coin Co International PLC, also operating as Coinco International PLC, in Burgess Hill, West Sussex, United Kingdom July 3, 2015 – Ottawa, ON – Financial Transactions and Reports Analysis Centre of Canada Coin Co International PLC, also operating as […]
On March 26th, OSFI notified the public about an advisory issued by FINTRAC regarding dealings with countries with identified AML deficiencies. The notice summarized the measures firms are required to undertake regarding dealings with Iran and North Korea under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA): […]
FINTRAC, the Canadian FIU (Financial Intelligence Unit), has released a report on the money laundering methods used in mass marketing fraud. The highlights section: Mass marketing fraud is a crime that results in substantial losses to individuals in Canada and in many other countries. FINTRAC's data indicates that certain categories […]
On Wednesday, the Canadian regulator formally announced the enactment of the Special Economic Measures Act (SEMA) regulations against Ukraine and Russia. The regulations were actually both enacted on March 17th and each since amended at least once (Russia sanctions twice), but this is the first formal announcement. Links: FINTRAC Notice […]
On Friday, the Canadian FIU issued guidance on the Ukrainian regulations (FACFOU) promulgated recently under the Freezing Assets of Corrupt Foreign Officials Act (FACFOA): Freezing and Disclosure Obligations Under FACFOA All individuals and entities in Canada, and all Canadians outside of Canada, should be aware of the prohibition to conduct […]
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