Administrative monetary penalty imposed on Niavaran Canada Inc.
From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
[2023-05-24]
Niavaran Canada Inc., also operating as Niavaran Currency Exchange, a money service business in North York, Ontario was imposed an administrative monetary penalty of $57,255 on March 16, 2023 for committing 4 violations. The violations were found during the course of a compliance examination in 2021. The case is closed.
Nature of violation
- Violation #1
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Failure to report the receipt from outside Canada of an electronic funds transfer of $10,000 or more in the course of a single transaction, together with the prescribed information – Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, paragraph 28(1)(c)
Niavaran Canada Inc. failed to include the incoming Electronic Funds Transfer Reports (EFTRs) information in the prescribed form and manner. - Violation #2
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Failure to assess and document the risk of a money laundering or terrorist financing offence, taking into consideration prescribed factors – Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, paragraph 71(1)(c)
Niavaran Canada Inc. failed to assess and document the money laundering or terrorist activity financing (ML/TF) risks of its products and delivery channels, and its new technologies. - Violation #3
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Failure to institute and document the prescribed review – Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, paragraph 71(1)(e)
Niavaran Canada Inc. failed to institute and document the prescribed review of its policies and procedures, risk assessment and training program. - Violation #4
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Failure to keep prescribed records – Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, paragraph 30(f)
Niavaran Canada Inc. failed to keep all prescribed information in its foreign exchange transactions tickets.
Related link
- Date Modified: