Judge upholds B.C. jeweller’s anti-money laundering fines

News Snapshot:

Montecristo Jewellers has retail locations in Vancouver, Burnaby and Richmond; it had appealed a decision from Fintrac that it had violated four aspects of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. A failure to report suspicious transactions with a woman who turned out to be linked to human trafficking and inadequately assessing the risks of dealing with buyers shipping products to Hong Kong and China, were among the anti-money laundering violations of Vancouver-based Montecristo Jewellers Inc., according to a federal court ruling. The company had appealed a $222,750 administrative fine levied in 2022 for four violations; however,...