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ARTICLE · 11 SEPTEMBER 2024

FINTRAC Administrative Monetary Penalties: Addressing The Centre's Tool For Compliance

Millar Kreklewetz
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As we previously discussed here, the Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC" or the "Centre") plays a crucial role in combating illegal activities like money laundering and terrorism financing.

CanadaFinance and Banking
Robert Kreklewetz
Robert Kreklewetz
Peter Krol
Peter Krol

As we previously discussed here, the Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC" or the "Centre") plays a crucial role in combating illegal activities like money laundering and terrorism financing.

The Centre operates under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the "Act"), which lays out a complex web of reporting, record-keeping, and identity verification requirements. When these requirements are not met, enforcement measures, including Administrative Monetary Penalties ("AMPs"), come into play.

Background on AMPs

AMPs are financial penalties issued by FINTRAC to non-compliant persons or entities. They are imposed through the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations (the "AMP Regulations").

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