Administrative monetary penalty imposed on Norwich Real Estate Services Inc.
From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
Norwich Real Estate Services Inc., also operating as RE/MAX Kelowna, a real estate broker in Kelowna, British Columbia, was imposed an administrative monetary penalty of $156,750 on August 28, 2023, for committing 1 violation. The violation was found during the course of a compliance examination in 2021. Norwich Real Estate Services Inc. has appealed the decision to the Federal Court.
Nature of violation
- Violation #1
Failure to report suspicious transactions – Proceeds of Crime (Money Laundering) and Terrorist Financing Act, section 7
Norwich Real Estate Services Inc. failed to submit a suspicious transaction report where there were reasonable grounds to suspect that transactions were related to a money laundering offence.
- News release: FINTRAC imposes an administrative monetary penalty on Norwich Real Estate Services Inc.
- Date Modified: