The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative monetary penalty of CAD 36,360 on Immeubles Village Pointe-Claire Inc., operating as Royal LePage Village Pointe-Claire and Royal LePage Village, a real estate broker in Pointe-Claire, Quebec. The penalty, imposed on July 17, 2024 following a 2022 compliance examination, relates to non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations; FINTRAC stated the amount will be paid in full and proceedings have ended. The violations included failing to develop and document written policies and procedures with respect to an applicable ministerial directive and failing to apply compliance policies and procedures for third party determination, business relationship and ongoing monitoring requirements. FINTRAC also cited the absence of a written ongoing compliance training program and deficiencies in prescribed recordkeeping to verify customer identity and the identity of an entity.
Financial Transactions and Reports Analysis Centre of Canada 2025-05-06
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 36,360 penalty on Immeubles Village Pointe-Claire for AML compliance failures
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 36,360 penalty on Immeubles Village Pointe-Claire Inc. for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate policies, procedures, and training, as well as deficiencies in recordkeeping for customer and entity identity verification. The penalty has been paid, concluding the proceedings.