FINTRAC imposes an administrative monetary penalty on Thanh Hung Truong (Bijouterie Kim Dung)
[2022-07-21]
Thanh Hung Truong, also operating as Bijouterie Kim Dung, a money services business in Montréal, Quebec, was imposed an administrative monetary penalty of $41,250 on May 5, 2022, for committing two violations. The violation was found during the course of a compliance examination undertaken in 2021. The case is closed.
Nature of Violation
Violation #1 – Failure to develop and apply written compliance policies and procedures that are kept up to date and, in the case of an entity, are approved by a senior officer – PCMLTF Regulations 71(1)(b)
Thanh Hung Truong failed to develop written compliance policies and procedures.
Violation #2 – Failure to assess and document the risk of a money laundering or terrorist financing offence, taking into consideration prescribed factors – PCMLTF Regulations 71(1)(c)
Thanh Hung Truong failed to assess and document the money laundering or terrorist activity financing (ML/TF) risk of its geographic locations, products and delivery channels, and clients and business relationships.
- Date Modified: