FINTRAC imposes an administrative monetary penalty on Park Georgia Realty Ltd.
[ 2021-03-22 ]
Park Georgia Realty Ltd., a real estate broker in Vancouver, British Columbia, was imposed an administrative monetary penalty of $66,742.50 on January 25, 2021 for committing five violations. The violations were found during the course of a compliance examination in 2018. Park Georgia Realty Ltd. has appealed the decision to the Federal Court.
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)
Park Georgia Realty Ltd. failed to develop compliance policies and procedures that sufficiently covered the requirements.
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)
Park Georgia Realty Ltd. 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.
Violation #3 – Failure of a person or entity that has employees, agents or mandataries or other persons authorized to act on their behalf to develop and maintain a written ongoing compliance training program for those employees, agents or mandataries or persons – PCMLTF Regulations 71(1)(d)
Park Georgia Realty Ltd. failed to include the frequency and how training would be maintained on an ongoing basis in its training program.
Violation #4 – Failure to institute and document the prescribed review – PCMLTF Regulations 71(1)(e)
Park Georgia Realty Ltd. failed to institute and document the prescribed review of its compliance policies and procedures, risk assessment and training program.
Violation #5 – Failure to keep prescribed records – PCMLTF Regulations 39(1)(a), 39(1)(b) and 39(1)(c)
Park Georgia Realty Ltd. failed to keep prescribed information in client information and receipt of funds records.
- Date Modified: