How will FINTRAC ensure compliance?
Top FINTRAC has a responsibility to ensure compliance with the Act. To this end, it is given the authority to examine a person or entity’s compliance regime and records. It may also periodically provide feedback to persons and entities to ensure the adequacy, completeness and timeliness of the information reported to FINTRAC. Part 3 of the Act establishes measures that allow FINTRAC to conduct compliance audits of reporting entities. FINTRAC’s compliance program will use risk management strategies to identify persons and entities most in need of improving compliance. FINTRAC will focus its efforts on areas where there is greater risk of non-compliance and in which the failure to comply could have significant impact on the efforts of FINTRAC to detect and deter money laundering. The Act also allows FINTRAC to enter into arrangements with financial sector regulators, provincial governments and self-regulatory organizations for the purpose of exercising its powers. In this regard, FINTRAC
