Canada’s financial intelligence unit has issued the largest administrative monetary penalties in its history. In total, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued 12 Notices of Violation in the amount of more than $26m. This came with disclosure of the largest number of cases of non-compliance
Canada’s FINTRAC and CIRO publish FY24 annual enforcement reports
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Besides investigating suspicions of violations and bringing enforcement actions, FINTRAC offers tools to firms to help them mitigate money laundering and terrorist financing risks.