Does having an administrative monetary penalties program change FINTRACs approach to ensuring compliance?
FINTRACs approach remains the same. FINTRAC remains committed to working cooperatively with reporting entities in ensuring compliance with the PCMLTFA and related regulations. Penalties are not new to FINTRAC. Criminal sanctions have been in place for several years. The introduction of administrative monetary penalties, however, is an important development in that it provides flexibility for more proportionate and measured responses to non-compliance.
