Public notice of administrative monetary penalties

2014-07-28 ]

Altaif Inc., a money services business in Ottawa, Ontario, was imposed an administrative monetary penalty of $42,600 on May 14, 2014, for committing five violations related to the following deficiencies:

  • Failure to report electronic funds transfers and incomplete and inadequate electronic funds transfer reports;
  • Incomplete assessment of risks related to money laundering and terrorist financing;
  • Incomplete and inadequate record keeping;
  • Failure to update its money services business registration.

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, 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 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 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 subsection 11.13(1) 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: