Photo courtesy Austin Jewellers
Frank and Lisa Suppanz of Austin Jewellers in Coquitlam, B.C., were fined $66,000 by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) after they failed to provide the necessary administrative documentation.
According to a CTV News report, FINTRAC cited two violations of the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations. FINTRAC claims the Suppanzes have yet to “develop written compliance policies and procedures” and “assess and document the money laundering and terrorist activity financing risk.”
Austin Jewellers has appealed the fine in federal court.
