FINTRAC imposes an administrative monetary penalty on Les Immeubles Diamant Diamant Inc.
[2021-06-25]
Les Immeubles Diamant Diamant Inc., also operating as Diamond Diamond Real Estate Inc., a real estate broker in Montréal, Quebec, was imposed an administrative monetary penalty on March 29, 2021 for committing six violations. The violations were found during the course of a compliance examination in 2019. The amount of the applicable penalty was $50,000. The appeal to the Federal Court has been discontinued and the proceedings have ended.
Nature of violation
Violation #1 – Failure of a person or entity to appoint a person to be responsible for the implementation of a compliance program. – PCMLTF Regulations 71(1)(a)
Les Immeubles Diamant Diamant Inc. did not ensure that the appointed person was responsible for implementing a compliance program.
Violation #2 – Failure to develop and apply written compliance policies and procedures that are kept up to date and, in the case of an entity, are approved by a senior officer – PCMLTF Regulations 71(1)(b)
Les Immeubles Diamant Diamant Inc. failed to develop compliance policies and procedures that sufficiently covered the requirements.
Violation #3 – Failure to assess and document the risk of a money laundering or terrorist financing offence, taking into consideration prescribed factors – PCMLTF Regulations 71(1)(c)
Les Immeubles Diamant Diamant Inc. failed to assess and document the money laundering or terrorist activity financing (ML/TF) risk of its geographic locations, products and delivery channels, and clients and business relationships.
Violation #4 – Failure of a person or entity that has employees, agents or mandataries or other persons authorized to act on their behalf to develop and maintain a written ongoing compliance training program for those employees, agents or mandataries or persons – PCMLTF Regulations 71(1)(d)
Les Immeubles Diamant Diamant Inc. failed to keep a written ongoing compliance training program.
Violation #5 – Failure to institute and document the prescribed review – PCMLTF Regulations 71(1)(e)
Les Immeubles Diamant Diamant Inc. failed to institute and document a review, every two years, to assess the effectiveness of its policies and procedures, risk assessment and training program.
Violation #6 – Failure to keep prescribed records – PCMLTF Regulations 39(1)(b)
Les Immeubles Diamant Diamant Inc. failed to keep all the prescribed information in client information records.
- Date Modified: