Public notice of administrative monetary penalties

2015-09-11 ]

Countrywide Generations Realty Ltd., a real estate broker in Pickering, Ontario, was imposed an administrative monetary penalty of $11,440 on July 3, 2015, for committing six violations related to the following deficiencies:

  • Incomplete written compliance policies and procedures;
  • Failure to assess and document the risks related to money laundering and terrorist financing;
  • Failure to develop and maintain a written, ongoing compliance training program for employees/agents;
  • Incomplete record keeping in respect of client information records;
  • Failure to ascertain client identity for every person for whom a client information record is required; and
  • Failure to take reasonable measures to determine whether the client is acting on behalf of a third party.

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 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 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 real estate broker or sales representative to keep prescribed records, which is contrary to section 6 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 39(1)(b) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of a real estate broker or sales representative to ascertain in the prescribed manner and within the prescribed period the identity of every person who conducts a prescribed transaction, which is contrary to section 6.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 59.2(1)(a) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure to take reasonable measures when client information record is created to determine whether the client is acting on behalf of a third party, which is contrary to section 6 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and subsection 10(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Date Modified: