News release: FINTRAC imposes an administrative monetary penalty on 9197-9195 Québec Inc.
FINTRAC announced today that it has imposed an administrative monetary penalty on 9197-9195 Québec Inc. operating as Apadana Forex, Bureau de change Apadana, Conseil investissement Apadana and Consulting Investment Apadana. This money services business in Montréal, Quebec, was imposed an administrative monetary penalty of $206,250 on July 2, 2020 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
9197-9195 Québec Inc. was found to have committed the following violations:
- Failure to develop and apply written compliance policies and procedures that are kept up to date;
- Failure to assess and document the risk of money laundering and terrorist activity financing, taking into consideration prescribed factors; and
- Failure to submit a suspicious transaction report.
“FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, businesses need to understand that Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy, and that we will be firm in ensuring that they do their part.”
- As Canada’s financial intelligence unit, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.
- Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime, and report certain financial transactions to FINTRAC.
- FINTRAC has completed a review of its Administrative Monetary Penalties policy to ensure that it has one of the most open and transparent penalty programs of its kind, including in relation to penalty calculations.
- With the changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act included in the Act to implement the 2019 Federal Budget, FINTRAC is now required to make public the name of all persons and entities that receive an administrative monetary penalty.
Financial Transactions and Reports Analysis Centre of Canada
- Date Modified: