The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative monetary penalty of CAD 117,975 on Houston & Associates Realty Ltd., also operating as Houston Realty.ca, a real estate brokerage in Calgary, Alberta, following a compliance examination that identified non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. The penalty was imposed on May 29, 2025. FINTRAC found failures to maintain a compliant AML/ATF program, including not developing and applying up-to-date written compliance policies and procedures approved by a senior officer, not assessing and documenting money laundering and terrorist financing risk using the prescribed factors, and not maintaining an ongoing written compliance training program. The brokerage also failed to institute and document a prescribed review of its compliance program every two years by an internal or external auditor, and failed to keep required records. FINTRAC reiterated that administrative monetary penalties are intended to encourage changes in non-compliant behaviour, and reported that it issued 23 notices of violation totalling more than CAD 25 million in 2024–25 and has imposed more than 150 penalties since receiving the authority to do so in 2008.
Financial Transactions and Reports Analysis Centre of Canada 2025-11-20
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 117,975 penalty on Houston & Associates Realty Ltd. for AML and terrorist financing compliance failures
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 117,975 penalty on Houston & Associates Realty Ltd. for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate AML/ATF policies, risk assessments, compliance training, and record-keeping. FINTRAC emphasized penalties aim to rectify non-compliance, noting over 150 penalties imposed since 2008.