Feb.02, 2010

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) have issued an administrative monetary penalty (AMP) this month against Giant Express Inc., also operating as Gigante Express. The fine, amounting to $3000, was as a result of the Money Service Business failing to register with the Centre "in accordance with the section 11.1 of the Proceeds of Crime Money Laundering and Terrorist Financing Act"

This is the fifth AMP that FINTRAC has issued a notice for on their website. At this point all of the posted notices for AMPs relate to fines assigned to Money Service Businesses. The fines have ranged from $3000 to $12,750

These fines illustrate how important it is to ensure that the Anti Money Laundering Compliance officer has the training and resources needed to do their job and protect your organization from fines and reputational damage.

ABCsolutions’ or www.moneylaundering.ca is a valuable resource for Canadian companies who wish to be compliant with their Anti-Money Laundering/Terrorist Financing (AMLTF) requirements. Our services include compliance reviews, onsite consulting, and assistance with policy development, training, as well as our on-line education centre and monthly newsletter.

ABCsolutions’ AMLTF On-line Training & Testing Centre provides reporting entities in Canada with training modules, randomized testing, and detailed reporting of employee results. Our training and testing centres can be customized to meet the specific needs of your organization and employees, can be accessed at any time, and repeated as often as you need. There are no limits to its use and all for one annual fee. For more information on our very competitive pricing and what the On-line Training & Testing Centre includes, please contact us.

info@moneylaundering.ca

613-283-8800