On August 28, 2023, Norwich Real Estate Services Inc., a real estate broker located in Kelowna, British Columbia, received an administrative monetary penalty of US$156,750 from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This penalty was imposed due to their non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.
To know more, click here https://www.fcctimes.com/2023/10/27/re-max-kelowna-fined-156750-for-money-laundering-reporting-violation/
The violation was identified during a compliance examination in 2021, during which Norwich Real Estate Services Inc. was found to have failed to submit a suspicious transaction report when there were reasonable grounds to suspect that the transactions were linked to a money laundering offense.
