What are the specific penalties associated with non-compliance?
The penalties for non-compliance include significant fines and jail terms. The penalties are outlined in Part 5 of the Act. Failure to comply can lead to criminal charges against the persons and entities subject to the Act. The following are some of the elements of the penalties: • Failure to report suspicious transaction: conviction could lead to 5 years imprisonment and/or a fine of up to $2,000,000 • Failure to report large cash transaction: conviction could lead to a fine of up to $500,000 for first offence and $1,000,000 for subsequent offences. • Failure to retain records: conviction could lead to 5 years imprisonment and/or a fine of up to $500,000.
