The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative monetary penalty of CAD 41,085 on Pacesetter Marketing Ltd., a Vancouver, British Columbia real estate brokerage, following a compliance examination that found non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. The penalty was imposed on June 24, 2025, and FINTRAC indicated the firm will pay in full and the case is closed. The violations cited were failures to develop and apply written compliance policies and procedures kept up to date and approved by a senior officer, to assess and document risks, and to institute and document the prescribed review. FINTRAC also noted that administrative monetary penalties are intended to encourage changes in non-compliant behaviour, and that in 2024–25 it issued 23 notices of violation totalling more than CAD 25 million.
Financial Transactions and Reports Analysis Centre of Canada 2025-11-20
Financial Transactions and Reports Analysis Centre of Canada imposes a CAD 41,085 penalty on Pacesetter Marketing Ltd. for AML compliance regime failures
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 41,085 penalty on Pacesetter Marketing Ltd. for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate compliance policies, risk assessment, and documentation. FINTRAC aims to encourage compliance changes, having issued 23 violation notices totaling over CAD 25 million in 2024–25.