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FINTRAC hits five real estate brokerages with C$368k in AML penalties

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Photo: Yevgen Romanenko/Getty Images

Alexander Barzacanos

1 min read
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Five firms face administrative monetary penalties after exams found gaps in AML programs and suspicious transaction reporting.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has announced five administrative monetary penalties (AMPs) against real estate brokerages in Calgary, Vancouver, Toronto/Richmond Hill and Brossard for breaches of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

The penalties total C$368,181, with the largest

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