FINTRAC imposes an administrative monetary penalty on Les Immeubles Diamant Diamant Inc.

[2021-06-25]

Les Immeubles Diamant Diamant Inc., also operating as Diamond Diamond Real Estate Inc., a real estate broker in Montréal, Quebec, was imposed an administrative monetary penalty of $123,915 on March 29, 2021, for committing six violations. The violations were found during the course of a compliance examination in 2019. Les Immeubles Diamant Diamant Inc. has appealed the decision to the Federal Court.

Nature of Violation

Violation #1 – Failure of a person or entity to appoint a person to be responsible for the implementation of a compliance program. – PCMLTF Regulations 71(1)(a)

Les Immeubles Diamant Diamant Inc. did not ensure that the appointed person was responsible for implementing a compliance program.

Violation #2 – 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)

Les Immeubles Diamant Diamant Inc. failed to develop compliance policies and procedures that sufficiently covered the requirements.

Violation #3 – 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)

Les Immeubles Diamant Diamant Inc. 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 #4 – 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)

Les Immeubles Diamant Diamant Inc. failed to keep a written ongoing compliance training program.

Violation #5 – Failure to institute and document the prescribed review – PCMLTF Regulations 71(1)(e)

Les Immeubles Diamant Diamant Inc. failed to institute and document a review, every two years, to assess the effectiveness of its policies and procedures, risk assessment and training program.

Violation #6 – Failure to keep prescribed records – PCMLTF Regulations 39(1)(b)

Les Immeubles Diamant Diamant Inc. failed to keep all the prescribed information in client information records.

Date Modified: