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Wealth management firm fined by FINTRAC for AML failures

Canadian Money in a washing machine
Photo: LeslieLauren/Getty Images

Lack of written policies and oversight was at the center of the enforcement action against independent firm “considered a securities dealer” by regulator.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada’s anti-money laundering agency, announced an administrative monetary penalty against Argosy Securities of Richmond Hill, Ontario. The penalty, assessed on September 12, 2024, was for C$66,000.

Argosy was found to have violated part 1 of the Proceeds of Crime (Money Laundering)covers