April 5, 2016
Becksley Capital Inc., a securities dealer in Toronto, Ontario, was imposed an administrative monetary penalty of $28,500 on December 9, 2015, for violating theProceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR).
Becksley Capital Inc. was found to have the following deficiencies:
- Inadequate written ongoing compliance training program;
- Failure to institute and document the prescribed two year review; and
- Failure to take reasonable measures when opening an account to determine if it will be used by or on behalf of a third party.