As we previously discussed here, the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC” or the “Centre”) plays a crucial role in combating illegal activities like money laundering and terrorism financing.
The Centre operates under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the “Act”), which lays out a complex web of reporting, record-keeping, and identity verification requirements. When these requirements are not met, enforcement measures, including Administrative Monetary Penalties (“AMPs”), come into play.
Tagged in:
Administrative Monetary Penalty
FINTRAC
Money Service Businesses
Proceeds of Crime
Reasonable Grounds
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