The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) has fined West Vancouver real estate firm RE/MAX Masters Realty $83,655 for five compliance violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
In 2021, investigators for the financial regulator — whose mandate is to detect and deter money laundering and terrorist financing — found numerous documentation deficiencies, according to a July 16 public notice of administrative proceedings.
Fintrac determined Masters was not documenting enough information to properly assess money laundering risks.
In one transaction, Masters failed to record receipt of funds. Another two instances included not documenting a client’s principal business in addition to one instance
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