The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative penalty of CA$33,000 (US$26,519) on the Montréal-based money services business Sokhom Ung. The authority imposed this penalty for the firm’s non-compliance with Canada’s AML/CFT law.
Canada’s AML/CFT law requires several businesses to register appropriately, maintain records, identify clients, ensure compliance and report suspicious transactions to FINTRAC. These include money services businesses, casinos, sales representatives, financial entities, and real estate brokers. Meanwhile, FINTRAC is responsible for ensuring that businesses comply with these regulatory obligations.
Sokhom Ung failed to register as a money services business with FINTRAC. Therefore, FINTRAC imposed an administrative penalty for this non-compliance with the country’s law.
Source: FINTRAC, Canada