Public notice of administrative monetary penalties

2016-04-05 ]

Becksley Capital Inc., a securities dealer in Toronto, Ontario, was imposed an administrative monetary penalty of $28,500 on December 9, 2015, for committing three violations related to the following deficiencies:

  • Inadequate written ongoing compliance training program;
  • Failure to institute and document the prescribed two year review; and
  • Failure to take reasonable measures when opening an account to determine if it will be used by or on behalf of a third party.

Nature of Violation

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 to take reasonable measures when opening an account to determine if the account is to be used by or on behalf of a third party which is contrary to section 6.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and subsection 9(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Date Modified: