FINTRAC fines unregistered money services business

By Christine Duhaime | March 18th, 2010

FINTRAC has fined Bharat Money Exchange Ltd., located in Surrey, British Columbia, $36,100 for numerous violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act for operating a money services business without registering with FINTRAC or filing appropriate reports. Bharat was also fined for numerous failures flowing from its unregistered status, including failure to have a written anti-money laundering compliance policy in place; failure to have conducted a risk assessment, failure to develop a training program; failure to retain records; and failure to ascertain identity of customers in the operation of its money services business.

Comments are closed.