Public notice of administrative monetary penalties

2015-07-03 ]

Coin Co International PLC, also operating as Coinco International PLC, a money services business in Burgess Hill, West Sussex, United Kingdom, was imposed an administrative monetary penalty of $149,200 on July 21, 2014, for committing six violations related to the following deficiencies:

  • Failure to report a large cash transaction within 15 days after the transaction;
  • Failure to report large cash transactions, together with the prescribed information;
  • Failure to assess and document the risks related to money laundering and terrorist financing;
  • Failure to institute and document the prescribed review;
  • Failure to ascertain client identity for foreign exchange transactions of $3,000 or more; and
  • Failure to submit a notification of a change to its money services business registration.

Nature of Violation

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 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 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 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 ascertain in the prescribed manner and within the prescribed period the identity of every person who conducts a foreign currency exchange transaction of $3,000 or more, which is contrary to section 6.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 59(1)(c) 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: