The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative monetary penalty of CAD 66,000 on Argosy Securities Inc., an independent wealth management firm in Richmond Hill, Ontario considered a securities dealer, 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 violations cited were failures to develop and apply written compliance policies and procedures that are kept up to date and, for an entity, approved by a senior officer; to assess and document money laundering and terrorist financing risk using prescribed factors; and to institute and document the prescribed review of policies and procedures, the risk assessment and the training program. The penalty was imposed on 12 September 2024, has been paid in full, and proceedings have ended.
Financial Transactions and Reports Analysis Centre of Canada 2025-02-13
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 66,000 penalty on Argosy Securities Inc. for AML compliance regime failures
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) fined Argosy Securities Inc. CAD 66,000 for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate compliance policies, risk assessments, and procedural reviews. The penalty was paid in full, concluding the proceedings.