FINTRAC today launched a number of new tools aimed at better supporting Canadian businesses in meeting their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act).
This initiative includes: FINTRAC’s Compliance Framework, which provides an overview of the Centre’s guiding principles and the various tools and services used to assist businesses in complying with the Act; the new FINTRAC Assessment Manual, which details how compliance examinations are conducted and helps businesses prepare for an examination; the Centre’s revised Administrative Monetary Penalties policy and a sample penalty calculation; and a notice on FINTRAC’s approach to cases in which businesses voluntarily declare their non-compliance with the Act.
To ensure a strong and effective Anti-Money Laundering and Anti-Terrorist Financing Regime for Canadians, FINTRAC is committed to helping businesses comply with their obligations under the Act. Compliance with the Act brings transparency to certain financial activities, helping to deter criminals and terrorists from operating within the legitimate channels of Canada’s economy. It also ensures that FINTRAC receives the information that it needs to generate financial intelligence for Canada’s police, law enforcement and national security agencies.
“The commitment of businesses is critical to protecting Canada’s financial system. 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.”
Nada Semaan, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada
- As Canada’s financial intelligence unit, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its regulations. The Centre also analyzes information and discloses financial intelligence to law enforcement and national security agencies to assist their investigations of money laundering, terrorism financing and other threats to Canada’s security.
- FINTRAC’s Compliance Framework provides businesses with a comprehensive description of the tools and services that are available to assist them in complying with their obligations.
- The FINTRAC Assessment Manual describes FINTRAC’s overall assessment process, the phases of an examination and the methods used to assess a business’s compliance with the Act and Regulations.
- FINTRAC’s revised Administrative Monetary Penalties policy outlines clearly and transparently the penalty process and the new method of calculating penalties for non-compliance with the Act and Regulations.
- The Centre’s sample calculation explains how Administrative Monetary Penalties are calculated and outlines what factors are considered when determining the penalty amount.
- FINTRAC’s Voluntary Self-Declaration of Non-Compliance process allows businesses to voluntarily declare their non-compliance in order to resolve instances where they have not met all requirements of the Act and Regulations.