FINTRAC imposes an administrative monetary penalty on Nu Stream Realty Inc.
[2022-07-12]
Nu Stream Realty Inc., a real estate broker in Burnaby, British Columbia, was imposed an administrative monetary penalty of $230,423 on April 6, 2022, for committing seven violations. The violations were found during the course of a compliance examination in 2019. The case is closed.
Nature of Violation
Violation #1 – Failure to report suspicious transactions – PCMLTFA 7
Nu Stream Realty Inc. failed to submit a suspicious transaction report where there were reasonable grounds to suspect that transactions were related to a money laundering offence.
Violation #2 – 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)
Nu Stream Realty Inc. did not ensure that the appointed person is responsible for implementing a compliance program.
Violation #3 – 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)
Nu Stream Realty Inc.’s compliance policies and procedures were not applied consistently relating to record-keeping and third party determination requirements.
Violation #4 – 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)
Nu Stream Realty Inc. failed to assess and document the money laundering or terrorist activity financing risks of its geographic locations, products and delivery channels, and clients and business relationships.
Violation #5 – Failure to institute and document the prescribed review – PCMLTF Regulations 71(1)(e)
Nu Stream Realty 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)(a), and 39(1)(b)
Nu Stream Realty Inc. failed to keep all prescribed information in receipt of funds records and in client information records.
Violation #7 – Failure to keep prescribed identification information – PCMLTF Regulations 64.2
Nu Stream Realty Inc. failed to keep all prescribed identification information in client information records.
- Date Modified: