BCLC Appeal of FINTRAC Penalty Allowed11/08/2017
BCLC and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) have settled a matter involving an administrative monetary penalty (AMP) imposed on BCLC by FINTRAC in 2010. BCLC appealed the findings of the compliance review and the AMP.
BCLC’s appeal of the $695,750 AMP was allowed by the Federal Court of Canada under the terms of a consent order. The consent order sets aside the AMP.
BCLC acknowledges technical deficiencies led to some reporting delays, as identified in the compliance review; however those deficiencies were attributed to implementation issues that arose at the time from a new computer communications link between FINTRAC and BCLC. The court order notes that BCLC quickly remedied the deficiencies and that subsequent compliance reviews demonstrated enhanced compliance. At no time did any money laundering transactions occur.
Over the past seven years, FINTRAC and BCLC have developed a strong professional relationship, with both organizations fully committed to the prevention of money laundering and terrorist financing.
BCLC is pleased this matter has come to a mutually agreed upon conclusion.
For more information about BCLC’s anti-money laundering compliance, visit:
Note: This is the only statement BCLC will be making regarding this matter.