ÎÚÑ»´«Ã½’s anti-money laundering and anti-terrorist financing agency has issued a $315,282 fine on Richmond-based money service business ÎÚÑ»´«Ã½ Changjiang Management Ltd. for multiple reporting violations.
The Financial Transactions and Reports Analysis Centre of ÎÚÑ»´«Ã½ (Fintrac) outlined six major infractions, such as failing to submit suspicious transaction reports, particularly when circumstances were reasonably suspicious; failing to submit large cash transaction reports; failing to submit both incoming and outgoing electronic funds transfer reports of $10,000 or more; failing to assess and document money laundering or terrorist financing risks; and failing to have up-to-date compliance policies.
“Its policies and procedures did not address ministerial directives and transaction restrictions and did not include the processes it would undertake for the review of its clients' activities specific to domestic politically exposed persons, heads of international organizations, or family member or close associate of such persons,” stated Fintrac in a news release Thursday.
“Moreover, it was observed that the ongoing monitoring records did not show any documented investigation, special measures taken, or risk mitigation actions executed,” the agency stated.
ÎÚÑ»´«Ã½ Changjiang, which advertises specifically to Chinese-speaking clientele at a strip mall, is said to have paid the fine in full.
As exemplified in recent actions against Canadian bank TD ÎÚÑ»´«Ã½ Trust, Fintrac fines are relatively miniscule compared to the United States; however, the fine against ÎÚÑ»´«Ã½ Changjiang is larger than most non-banking institutions fined in the past four years, since Fintrac began publishing the fines online.
British Columbia institutions required to report to Fintrac, including real estate firms, money service businesses and jewellers, are overrepresented in ÎÚÑ»´«Ã½, representing 15 of 41 fines issued by the agency since 2020.
