Fasken Bulletin: New FINTRAC Compliance Guidance
On February 13th, 2019, Fasken Martineau DuMoulin LLP posted a bulletin titled: New FINTRAC Compliance Guidance.
This bulletin is a response to FINTRAC’s February 7th, 2019 news update: FINTRAC Announces Better Support for Canadian Businesses.
In FINTRAC’s news update, they provide links to five related resources:
- Compliance Framework
- FINTRAC Assessment Manual (66-page downloadable PDF)
- Revised Administrative Monetary Penalties (AMPs) policy
- Penalty Sample Calculation
- Voluntary Self-Declaration of Non-Compliance notice
Fasken’s bulletin provides some background on FINTRAC’s release of these new guides; the article cites an appeal under section 73.21 of the PCMLTFA where the court decided whether administrative penalties imposed by FINTRAC were reasonable. The outcome of this case resulted in FINTRAC releasing these revised guides for reporting entities.