Business: RE/MAX All-Stars Realty Inc. is a real estate brokerage in Markham, Ontario, with 301 employees.
Compliance Examination: FINTRAC required ten types of documents by September 17, 2018, for a compliance examination.
Non-Compliance: RE/MAX failed to provide the required documents by the deadline. Partial documents were submitted in November 2018, but key documents were delayed until October 2020.
Penalty: FINTRAC issued a Notice of Violation on July 14, 2020, with a $31,350 penalty for non-compliance.
Decision:
Director's Decision: Found RE/MAX violated subsection 63.1(2) and imposed the penalty.
Issues:
Standard of review: Palpable and overriding error.
Procedural fairness: Court found no breach; FINTRAC's requirements were clear.
Violation finding: No error in concluding RE/MAX violated the Act.
Penalty imposition: Appropriate given harm, compliance history, and need for adherence to the Act.
Conclusion:
The appeal was dismissed, and RE/MAX was ordered to pay $7,500 in costs to FINTRAC. The case underscores the necessity of timely compliance with regulatory mandates.
