FINTRAC Issues New Administrative Monetary Penalties Policy and New Tools in Respect of Compliance and its Examination Process
The Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”), Canada’s anti-money laundering and counter-terrorism financing regulator, has recently issued a revised Administrative Monetary Penalties Policy and a series of compliance tools, including a new form for Voluntary Self-Declaration of Non-Compliance. These developments will be of particular relevance to retailers that engage in the purchase or sale of precious metals, precious stones or jewellery, who are subject to regulation by FINTRAC as dealers in precious metals and stones. The Policy and tools provide detail on FINTRAC’s methodology in assessing monetary penalties and a detailed overview of areas of focus in its examination process. Our recent legal update provides further detail.
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