Public notice of administrative monetary penalties

2014-07-28 ]

Bendix Foreign Exchange Corporation, also operating as Bendix Foreign Exchange, a money services business in Toronto, Ontario, was imposed an administrative monetary penalty of $194,300 on April 1, 2014, for committing three violations related to the following deficiencies:

  • Failure to report electronic funds transfers and incomplete and inadequate electronic funds transfer reports;
  • Failure to report large cash transactions and incomplete and inadequate large cash transaction reports.

Nature of Violation

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 to 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 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.

Date Modified: