A failure to report suspicious transactions with a woman who turned out to be linked to human trafficking and inadequately assessing the risks of dealing with buyers shipping products to Hong Kong and China, were among the anti-money laundering violations of Vancouver-based Montecristo Jewellers Inc., according to a federal court ruling.
The company had appealed a $222,750 administrative fine levied in 2022 for four violations; however, Hon. Madame Justice Catherine Kane found the Financial Transactions and Reports Analysis Centre of Canada [Fintrac] was correct to impose the fines for three of them and hence reduced the fine by $24,750.
It was on Oct. 15, 2019 when Fintrac notified Montecristo it would be conducting interviews of retail employees to
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