Marouf Management Inc.

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed an administrative monetary penalty of $249,480.50 on Marouf Management Inc. for committing 6 violations related to anti-money laundering regulations. Marouf Management Inc.'s failures in developing and applying written compliance policies and procedures, assessing and documenting risks, complying with ministerial directives, keeping prescribed records, submitting registration applications, and updating money services business registration information resulted in the penalty. The violations were found during a 2023 compliance examination, and the company has appealed the decision to the Federal Court.