Public notice of administrative monetary penalties

2012-06-25 ]

Five Star I.M.P. Inc./ I.M.P. Cinq Étoiles Inc., also operating as: 5 Star I.M.P., Five Star I.M.P., I.P.M. Cinq Étoiles Inc. and La Photo Shop, a money services business in Montreal, Québec, was issued a penalty of $7,370 on May 1 2012, for committing six violations.

Nature of Violation

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, which is contrary to subsection 9.6(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 71(1)(c) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of a person or entity to institute and document the prescribed review, which is contrary to subsection 9.6(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 71(1)(e) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure to report an electronic funds transfer no later than five working days after the transfer, which is contrary to subsection 9(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and subsection 5(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations.

Failure of a money services business to report the sending out of Canada of an electronic funds transfer of $10,000 or more in the course of a single transaction, together with the prescribed information, which is contrary to subsection 9(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 28(1)(b) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of a money services business to report the receipt from a client of an amount in cash of $10,000 or more in the course of a single transaction, together with the prescribed information, which is contrary to subsection 9(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 28(1)(a) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of a money services business to keep prescribed records, which is contrary to section 6 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and subsection 30(e) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Date Modified: