FINTRAC fines Birks Group Inc., a precious metals and stones dealer, $51,562.50 for key AML/CFT failings, including weak controls, poor risk assessment, and missed compliance reviews

The regulator found that Birks did not maintain properly developed or regularly updated written compliance policies approved by senior management, failed to adequately assess and document money laundering and terrorist financing risks, and did not complete the mandatory independent compliance review every two years. These shortcomings were considered significant because they weaken the effectiveness of a firm’s AML/CFT control framework, particularly in a high-risk sector such as precious metals and jewellery…