Metna General Trading Inc., formerly known as Metna Financial Investment Inc. (“Metna”), a money services business in Thornhill, Ontario was imposed an administrative monetary penalty of $252,285 on November 7, 2023, for committing 7 violations. The violations were found during the course of a compliance examination in 2021. The case is closed. Violation #1 Failure to develop and apply written compliance policies and procedures that are kept up to date and, in the case of an entity, are approved by a senior officer – Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, paragraph 71(1)(b) FINTRAC determined that Metna General Trading Inc.’s compliance policies and procedures do not comply with the requirements of paragraph 71(1)(b) of the Regulations. Overall, Metna did not document and apply the necessary measures in its compliance policies and procedures to meet its obligations under the Act and Regulations. The money services business’ policies and procedures wer...
