What is FINTRACs approach to ensuring compliance?
In undertaking its monitoring role, FINTRAC will favour a co-operative approach. The emphasis will be on working with reporting entities to achieve compliance with the Act and Regulations. In cases where this cooperative approach has failed to result in better compliance, and in cases of willful non-compliance, FINTRAC will consider referring such cases for legal action against the entity. Moreover, FINTRAC’s compliance program will use risk management strategies to identify entities most in need of improving their compliance. FINTRAC’s resources will focus on areas where there is greater risk of non-compliance and where the failure to comply could have significant impact in the efforts of FINTRAC to detect and deter money laundering and the financing of terrorist activities. Finally, FINTRAC will work with other regulators at the federal and provincial level to identify areas of common interest and address the potential for overlap in some areas of its regulatory responsibilities. In
