The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) levied an administrative monetary penalty of $101,969 on C&Z Holdings Ltd. in December 2020. C&Z Holdings Ltd. is a money services business in Vancouver, British Columbia. FINTRAC’s penalty came as a result of the company’s non-compliance with Canada’s AML/CFT regulations.
C&Z Holdings Ltd. failed to submit Large Cash Transaction Reports for the receipt of $10,000 or higher. It also failed to implement adequate compliance policies for reporting financial transactions, monitoring of business relationships and politically exposed persons, etc. Additionally, the company did not perform proper assessments of ML/TF risks related to its geographic locations, delivery channels, business relationships, etc.
C&Z Holdings Ltd. further failed to conduct a regular, ongoing compliance training program. It did not adequately review this training program, its compliance policies or risk assessment procedures. Moreover, the company violated the obligation to maintain records of the purpose and intended nature of business relationships. FINTRAC’s decision was based on these and other failings of C&Z Holdings Ltd.
Source: Financial Transactions and Reports Analysis Centre of Canada