The Financial Transactions and Reports Analysis Center of Canada (FINTRAC) has imposed an administrative penalty of CA$123,915 (US$100,611) on Montréal-based real estate broker Les Immeubles Diamant Diamant Inc. (LIDD) for non-compliance with the country’s AML/CFT regulations.
LIDD committed several AML/CFT violations which triggered FINTRAC’s response. The broker failed to appropriately delegate the task of implementing an AML/CFT compliance program. Moreover, it did not maintain a written ongoing compliance training program. Furthermore, its compliance policies were inadequate for meeting the AML/CFT requirements.
LIDD also did not perform and document the ML/TF risk assessment of its locations, clients, business relationships, etc. It also did not perform periodic reviews of the effectiveness of its AML/CFT policies, compliance training program and risk assessment procedures. Finally, the firm did not maintain all of the mandatory data in the information records of its clients.
Source: FINTRAC, Canada