Public notice of administrative monetary penalties

2012-12-14 ]

1286323 Ontario Inc., also operating as Dubai Exchange & Travel Inc., Exchange Dubai and Dubai Exchange, a money services business in Toronto, Ontario, was issued a penalty of $9,710 on October 5, 2012 for committing six violations.

Nature of Violation

Failure to provide, in accordance with a served notice, documents or other information reasonably required by an authorized person, which is contrary to subsection 63.1(2) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Failure of a person or entity that has employees, agents or other persons authorized to act on their behalf to develop and maintain a written ongoing compliance training program for those employees, agents or persons, which is contrary to subsection 9.6(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 71(1)(d) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of an applicant or a registered person or entity to submit a notification of a change to the information provided in a prescribed application in the prescribed manner and with the prescribed information, which is contrary to section 11.13 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 4(b) and section 5 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 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: