The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative monetary penalty of CAD 132,000 on HRA Group Holdings, also operating as HRA Group, following a compliance examination of the Vancouver-based dealer in precious metals and stones. The penalty, imposed on 2 June 2025 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations, has been paid in full and the case is closed. The violations related to core compliance regime requirements, including failure to develop and apply written, up-to-date compliance policies and procedures approved by a senior officer; failure to assess and document money laundering and terrorist financing risks considering prescribed factors; failure to maintain a written, ongoing compliance training program; and failure to conduct and document a prescribed effectiveness review of the compliance program every two years by an internal or external auditor.
Financial Transactions and Reports Analysis Centre of Canada 2025-10-02
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 132,000 penalty on HRA Group Holdings for AML compliance regime failures
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) fined HRA Group Holdings CAD 132,000 for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate compliance policies, risk assessments, training programs, and effectiveness reviews. The penalty has been paid, and the case is closed.