FINTRAC Announces Better Support for Canadian Businesses

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February 7 2019

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.