A financial penalty of more than $50,000 has been imposed on Birks Group for non-compliance related to anti-money laundering and counter-terrorism financing requirements.
The jeweller was found by the Financial Transactions and Reports Analysis Centre (FINTRAC) to have failed to develop and apply written compliance policies and procedures. Sarah Paquet, CEO of FINTRAC, said it was critical that all businesses comply with requirements.
“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,” Paquet said.
“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.”
Birks Group also failed to assess and document the risk of a money-laundering or terrorist-financing offence, and to carry out and document the results of the prescribed review every two years by an internal or external auditor.
According to various media sources, Birks Group is appealing the ruling. The company is headquartered in Montreal and operates around 30 stores.
• Under the new requirements, overseen by AUSTRAC, all jewellery businesses dealing in precious metals, stones, or finished products must, by 1 July, determine whether they will accept or make cash payments of $10,000 or more.
The changes are a part of broader overhauls concerning anti-money laundering and counter-terrorism financing (AML/CTF) legislation. A comprehensive guide to the changes is available here.
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