FINTRAC imposes an administrative monetary penalty on Coin Co International PLC, also operating as Coinco International PLC, in Burgess Hill, West Sussex, United Kingdom
July 3, 2015 – Ottawa, ON – Financial Transactions and Reports Analysis Centre of Canada
Coin Co International PLC, also operating as Coinco International PLC, a money services business in Burgess Hill, West Sussex, United Kingdom, was imposed an administrative monetary penalty of $149,200 on July 21, 2014, for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR) and the Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations (Registration Regulations).
Coin Co International PLC was found to have the following deficiencies:
- Failure to report a large cash transaction within 15 days after the transaction;
- Failure to report large cash transactions, together with the prescribed information;
- Failure to assess and document the risks related to money laundering and terrorist financing;
- Failure to institute and document the prescribed review;
- Failure to ascertain client identity for foreign exchange transactions of $3,000 or more; and
- Failure to submit a notification of a change to its money services business registration.
- A number of business sectors in Canada are required, under the PCMLTFA, to keep certain records, identify clients, maintain a compliance regime, and report financial transactions to FINTRAC.
- Sectors covered under the legislation include accountants, British Columbia notaries, casinos, dealers in precious metals and stones, financial entities, life insurance, money services businesses, real estate, and securities dealers.
- Administrative monetary penalties are issued to encourage change in the non-compliant behaviour of reporting entities.
“Canada’s anti-money laundering and anti-terrorist financing regime is dependent on the dedicated efforts of Canada’s businesses on the front lines of the legitimate economy. Our compliance efforts are meant to ensure they fulfill their legal obligations and send us the information that we need to produce actionable financial intelligence for our law enforcement and national security partners.”
Director, Financial Transactions and Reports Analysis Centre of Canada
Financial Transactions and Reports Analysis Centre of Canada
FINTRAC is an arm’s length agency governed by the PCMLTFA that reports to Parliament through the Minister of Finance. The Centre produces financial intelligence that helps law enforcement and national security agencies in fighting money laundering, terrorist activity financing and threats to the security of Canada. FINTRAC’s financial intelligence assists hundreds of criminal investigations every year, including those where the alleged laundered proceeds are linked to drug offences, fraud, tax evasion, corruption and human smuggling and trafficking.
A fundamental aspect of FINTRAC’s mandate is the deterrence and detection of money laundering and terrorist financing. To do so, FINTRAC ensures that businesses subject to the PCMLTFA across the country meet their obligations and generate the financial transaction reports that serve as the foundation for FINTRAC’s analysis and intelligence.
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