Administrative monetary penalty on RE/MAX Twin City Realty Inc.
[2026-05-05]
RE/MAX Twin City Realty Inc., also operating as Twin City Realty Inc., a real estate brokerage located in Kitchener, Ontario, with branches in Brantford, Cambridge, New Hamburg, Paris and Waterloo, was imposed an administrative monetary penalty of $24,750 on February 4, 2026, for committing 1 violation. The violation was found during the course of a compliance examination. The administrative monetary penalty has been paid in full and the case is closed.
Nature of violation
- Violation #1
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Failure of a person or entity to assess and document the risk referred to in subsection 9.6(2) of the Act, taking into consideration prescribed factors – Proceeds of Crime (Money Laundering) and Terrorist Financing Act, subsection 9.6(1) and Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, paragraph 156(1)(c)
FINTRAC determined that Twin City Realty Inc.’s risk assessment document was incomplete as it did not include an assessment of money laundering and terrorist financing risks specific to its business, taking into consideration the following prescribed factors:
- Its clients and business relationships.
- The products, services and delivery channels it offers.
- The geographic location(s) where it conducts its activities.
- Any other relevant factors affecting its business.
Furthermore, Twin City Realty Inc.’s risk assessment did not include an analysis of risks associated with high-risk business relationships or activities. This includes clients who are considered politically exposed persons (PEPs), entities whose beneficial ownership information cannot be obtained, or any clients or activities related to a high-risk jurisdiction identified by a ministerial directive. Failing to consider high-risk situations may result in weaknesses in the compliance program, such as poor mitigation measures and high-risk situations potentially not being detected and reported to FINTRAC on suspicion of money laundering and terrorist financing offences.
Violation #1 is classified by the regulations as a Serious violation. The imposed penalty takes into account the criteria in section 73.11 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and section 6 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations.
Related link
- Date Modified: