FINTRAC sanctions Montreal wealth manager

A Montreal-based portfolio manager and dealer has been fined by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for compliance violations.

The federal anti-money laundering agency imposed an administrative monetary penalty of $49,500 on Gestion de Patrimoine Blue Bridge Inc., which is registered as a portfolio manager in Ontario and as a portfolio manager, fund manager and exempt market dealer in Quebec.

FINTRAC said the penalty followed a compliance review in 2022, which found that the firm failed to develop and apply written compliance policies and procedures that are kept up to date and failed to assess and document the risk of a money laundering or terrorist financing offence.

“The administrative monetary penalty has been paid in full … and proceedings have ended,” the regulator said.

In a release issued Wednesday, Sarah Paquet, director and CEO of FINTRAC, said the agency “will continue to work with businesses to help them understand and comply with their obligations.”

“We will also be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed,” Paquet added.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.