Canada’s anti-money laundering agency, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), has released a set of tools designed to improve firms’ compliance with AML legislation.
The tools include guidance on the agency’s approach to imposing penalties for compliance failures, and its methodology for calculating penalties.
“The commitment of businesses is critical to protecting Canada’s financial system,” said Nada Semaan, director and CEO of FINTRAC. “With these new tools, we intend to open up our programs to help businesses understand how we work with them to achieve compliance with the Act and to better inform Canadians of our collective efforts in helping to combat money laundering and terrorist activity financing,”
Along with the guidance on its penalty framework, it also published an overview of its compliance tools and services, a new manual that sets out how compliance examinations are conducted, and a notice on its approach to companies that voluntarily admit to compliance lapses.