FINTRAC, Canada’s financial intelligence unit, has assessed relatively minor penalties against two money services businesses. Sutlej Foreign Exchange Inc., an Ontario-based money services business, was fined $8,450 for failing to: have a written compliance plan; undertake a risk assessment for a compliance plan; train employees on anti-money laundering; report electronic funds transfers to FINTRAC; and keep records.
Manny Foreign Exchange Inc., an Alberta-based money services business, was fined $7,370 for failing to: complete forms properly; report a large cash transaction to FINTRAC; report electronic funds transfers to FINTRAC; complete a risk assessment; and develop a written compliance plan. Money services businesses in Canada are required to register with FINTRAC, retain anti-money laundering records, and report certain transactions to FINTRAC.