Public notice of administrative monetary penalties

2013-03-18 ]

1671474 Ontario Ltd., operating as Hai Van Money Transfer Ltd. and Cong Ty Hai Van, a money services business in Woodbridge, Ontario, was imposed an administrative monetary penalty of $35,060 on March 18, 2013, for committing nine 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 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 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 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 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 keep prescribed records, which is contrary to section 6 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 30(e) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of a person or entity that is required to ascertain the identity of a person to set out prescribed information on the appropriate records in respect of the person, which is contrary to section 6 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and section 67 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.

Date Modified: