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The Canadian government’s financial regulator has imposed a penalty of $51,563 on Birks Group, citing non-compliance associated with money laundering and terrorist financing.
The Canada-based jeweler was found by the Financial Transactions and Reports Analysis Centre (FINTRAC) to have failed to develop and apply written compliance policies and procedures that are kept up-to-date and approved by a senior officer, the watchdog said Tuesday.
It also failed to assess and document the risk of a money laundering or terrorist financing offence and carrying out and documenting the results of the prescribed review every two years by an internal or external auditor.
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy,” said Sarah Paquet, CEO of FINTRAC. “FINTRAC works with businesses to help them understand and comply with their obligations under the act. We are also firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.” According to some media sources, Birks is appealing the ruling in Federal Court.
