Administrative monetary penalty imposed on Austin Jewellers (General partnership: Frank Suppanz and Lisa Suppanz, partners)
From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
[2023-10-31]
Austin Jewellers (General partnership: Frank Suppanz and Lisa Suppanz, partners), a dealer in precious metals and precious stones in Coquitlam, British Columbia, was imposed an administrative monetary penalty of $66,000 on June 27, 2023, for committing 2 violations. The violations were found during the course of a compliance examination in 2019. Austin Jewellers has appealed the decision to the Federal Court.
Nature of violation
- Violation #1
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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 – Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, paragraph 71(1)(b)
Austin Jewellers failed to develop written compliance policies and procedures. - Violation #2
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Failure to assess and document the risk of a money laundering or terrorist financing offence, taking into consideration prescribed factors – Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, paragraph 71(1)(c)
Austin Jewellers failed to assess and document the money laundering or terrorist activity financing risks.
Related link
- Date Modified: