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.
The Evolution of Blockchain Assets and the Regulatory Silver Lining
We’ve come a long way since Mastercoin, the first reported initial coin offering (ICO) that took place in 2013. Those five years seem like eons considering the incredible progress that has been made since. From ICOs to security tokens to smart assets and digital...
Ashley Viens, COO
Ashley Viens is the Chief Operating Officer for iComply and boasts an extensive communication, management, design, and sales background. Joining Origami Accounting in 2014 as Account Manager, she led and supported the expansion of their Saskatchewan, B.C., and Ontario...
Shane Sibley, Business Development
Shane brings a robust experience in account management and financial management planning, having worked with CIBC Wood Gundy for the Balogh Financial Group and Manulife Investments for several years prior to joining iComply. His diverse skill set includes wealth...
