Support Centre

Canada: FINTRAC imposes $101,969 penalty against C&Z Holdings for AML/CFT violations

The Financial Transactions and Report Analysis Centre of Canada ('FINTRAC') announced, on 4 March 2021, that it had imposed and administrative monetary penalty of $101,969 against C&Z Holdings Ltd., operating as Golden Apple, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act ('the AML/CFT Law') and its associated Regulations. In particular, FINTRAC found that C&Z Holdings committed, among others, the following violations in contravention of the AML/CFT Law:

  • failure to submit large cash transaction reports;
  • failure to develop and apply written compliance policies and procedures related to reporting financial transactions;
  • failure to maintain and ongoing training program; 
  • failure to institute and document the prescribed review of its compliance policies and procedures, risk assessment, and training program; and 
  • failure to notify FINTRAC of a change to a money services business registration information.

You can read the press release here.