Public notice of administrative monetary penalties

2012-09-26 ]

RND Traders Inc., also operating as RND Traders, a money services business in Brampton, Ontario, was issued a penalty of $52,300 on August 14, 2012, for committing eight violations.

Nature of Violation

Failure of a person or entity to develop and apply written compliance policies and procedures that are kept up to date and, in the case of an entity, are approved by a senior officer, which is contrary to subsection 9.6(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 71(1)(b) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of a person or entity to report prescribed information within 30 days after assessment, which is contrary to subsection 9.6(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and subsection 71(2) 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, which is contrary to subsection 9(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph and paragraph 28(1)(a) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure to report a transaction for which a large cash transaction record must be kept within 15 days after the transaction, which is contrary to subsection 9(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and subsection 5(2) of the Proceeds of Crime (Money Laundering) and Terrorist Financing 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 outside 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 subsection 9(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 28(1)(c) 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 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 paragraphs 30(e) and 30(f) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Date Modified: