IIROC Imposes $250,000 Fine on Laurentian Bank Securities Inc.
The Investment Industry Regulatory Organization of Canada fines Laurentian Bank Securities Inc. US$250,000 for not using a transaction monitoring system
What Happened?
April 16, 2020: Laurentian Bank Securities Inc.–a regulated investment dealer under the jurisdiction of the Investment Industry Regulatory Organization of Canada (IIROC)–was charged with failing to implement and maintain an adequate trading supervision system, which resulted in the organization failing to comply with AML obligations.
In a hearing that took place on April 24, 2020, the IIROC Hearing Panel accepted a settlement agreement, according to which Laurentian Bank Securities Inc. agreed to pay US$250,000 in fines.
Source: https://www.iiroc.ca/Documents/2020/227d22f8-bca1-49f9-8161-157d63ea9ffd_en.pdf
Who Is Impacted?
Businesses that facilitate the trading or exchange of regulated assets–including equities, debt, derivatives, and cryptocurrencies.
Why This Matters?
Failing to have a transaction monitoring system in place creates the risk of money laundering going unnoticed within your business.
Transaction monitoring is a requirement that, when overlooked, will result in staggering fines, sanctions, and damage to the integrity of your brand’s reputation.
What’s Next?
IIROC’s Trading Conduct Compliance department (TCC) is tasked with regularly examining and testing their participant’s transaction monitoring systems to identify any problems or concerns.
Laurentian Bank Securities Inc. will be required to address these concerns and to correct the deficiencies. Going forward, the firm can expect to face increased scrutiny and reputation damage and will continue to appear in AML screening for Adverse Media and Watchlists for years to come.
learn more
Is your AML compliance too expensive, time-consuming, or ineffective?
iComply enables financial services providers to reduce costs, risk, and complexity and improve staff capacity, effectiveness, and customer experience.
Request a demo today.
How KYC Software Solutions Revolutionize Compliance and Boost Business Efficiency
In the ever-evolving world of finance, maintaining regulatory compliance is a top priority for businesses. The landscape of financial regulations is continuously shifting, making it crucial for companies to stay ahead of the curve. One of the most effective ways to...
Top 10 Benefits of Implementing KYC Compliance Software for Your Business
Staying current with regulatory compliance is essential in today’s fast-paced financial environment. It can be a daunting task, but the right tools can make all the difference. Implementing KYC (Know Your Customer) compliance software is one of those game-changing...
iComply Investor Services Inc. Forms Strategic Partnership with Qoden to Enhance KYC Processes
Vancouver, Canada - iComply Investor Services Inc., a leader in compliance technology, is excited to announce a strategic partnership with Qoden, a premier technology company specializing in advanced trading platform solutions. This partnership is centered around...