Coquitlam jeweller fined by federal anti-money-laundering agency
Austin Jewellers in Coquitlam is seen in this photo from the company's website (austinjewellers.com)
Canada's anti-money-laundering regulator has imposed a $66,000 administrative penalty on a Coquitlam jeweller.
The Financial Transactions and Reports Analysis Centre of Canada, better known as FINTRAC, issued the fine against Austin Jewellers in late June, but did not post a public notification about it until Tuesday.
FINTRAC said the penalty stemmed from two violations of the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
Specifically, the company failed to "develop written compliance policies and procedures" and to "assess and document the money laundering and terrorist activity financing risk," FINTRAC said.
Austin Jewellers has appealed the penalty in federal court.
FINTRAC's administrative penalties are explicitly intended to encourage compliance and to be "non-punitive," according to the agency's website.
The agency says it typically only issues such penalties after other efforts to achieve compliance have failed.
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