Real estate firm Nu Stream Realty Inc. has been cited for multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Nu Stream Realty Inc. has been penalized $230,423 for non-compliance with federal anti-money laundering laws, the Financial Transactions and Reports Analysis Centre of Canada announced July 12.
Nu Stream also failed to keep all prescribed information in receipt of funds records and in client information records; it also failed to keep all prescribed identification information in client information records, according to FINTRAC. Nu Stream was established in 2015 and has B.C. offices in Burnaby, Vancouver and Richmond. It also has an office in Toronto as well as a “global research centre” in Beijing, as it caters to Chinese-speaking clientele.
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