- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-11-04T20:22:00
Canada’s anti-money laundering regulator (AML) fined Toronto-based real estate firm Jones Lang Lasalle $107,827 Canadian dollars (U.S. $77,632) for six violations of its anti-money laundering rules, after discovering gaps in recordkeeping and reporting requirements for know your customer (KYC) rules.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced the fine, saying that JLL violated Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations.
Among the compliance issues FINTRAC found during a 2022 compliance examination were gaps in recordkeeping, including reporting requirements for KYC and business relationships. JLL also reportedly failed to properly assess money laundering risks in certain countries, products, business relationships, and clients, and it failed to implement anti-money laundering compliance training. JLL also didn’t conduct reviews of its AML policies and procedures, training, and risk assessment, Canada’s regulator said.
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