FINTRAC imposes an administrative monetary penalty

1197

July 28, 2014 – Ottawa, ON – Financial Transactions and Reports Analysis Centre of Canada

Altaif Inc., a money services business in Ottawa, Ontario, was imposed an administrative monetary penalty of $42,600 on May 14, 2014, for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR).

Altaif Inc. was found to have the following deficiencies:

  • Failure to report electronic funds transfers and incomplete and inadequate electronic funds transfer reports;
  • Incomplete assessment of risks related to money laundering and terrorist financing;
  • Incomplete and inadequate record keeping; and
  • Failure to update its money services business registration.

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July 28, 2014 – Ottawa, ON – Financial Transactions and Reports Analysis Centre of Canada

Bendix Foreign Exchange Corporation, also operating as Bendix Foreign Exchange, a money services business in Toronto, Ontario, was imposed an administrative monetary penalty of $194,300 on April 1, 2014, for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR).

Bendix Foreign Exchange Corporation was found to have the following deficiencies:

  • Failure to report electronic funds transfers and incomplete and inadequate electronic funds transfer reports; and
  • Failure to report large cash transactions and incomplete and inadequate large cash transaction reports.