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FINTRAC imposes an administrative monetary penalty on Pacific Place – Arc Realty Ltd.

From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

News release

November 4, 2021, Ottawa ON

FINTRAC announced today that it has imposed an administrative monetary penalty on Pacific Place – Arc Realty Ltd. This real estate broker in Vancouver, British Columbia, was imposed an administrative monetary penalty of $255,750 on July 27, 2021, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

Pacific Place – Arc Realty Ltd. was found to have committed the following violations:

Quote

“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”

Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada

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Media Relations
Financial Transactions and Reports Analysis Centre of Canada
613-947-6875

media.medias@fintrac-canafe.gc.ca

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