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Canada: FINTRAC fines 9197-9195 Québec Inc. for AML/CFT violations

The Financial Transactions and Reports Analysis Centre of Canada ('FINTRAC') announced, on 13 November 2020, that it had imposed an administrative monetary penalty of CAD 206,250 (approx. €131,870) on 9197-9195 Québec Inc. for violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations. In particular, FINTRAC outlined that 9197-9195 Québec Inc. had failed to develop and apply written compliance policies and procedures that are kept up to date, assess and document the risk of money laundering and terrorist activity financing, and had failed to submit a suspicious transaction report.

You can read the press release here and the penalty imposition here.

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