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ARTICLE · 12 SEPTEMBER 2019

FINTRAC Reveals Its Secret Formula For Determining "Harm Done", Calculating AMP Amounts

Blake, Cassels & Graydon LLP
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The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently released its interpretation of the term "harm done" in the context of violations of the Proceeds of Crime

CanadaFinance and Banking
Jacqueline Shinfield
Jacqueline Shinfield
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The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently released its interpretation of the term "harm done" in the context of violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its associated regulations (Regulations). The "harm done" guidance should be read together with the administrative monetary penalties policy (AMP Policy) issued by FINTRAC in February 2019 (for more information about the AMP Policy, please see our February 2019 Blakes Bulletin: FINTRAC: All Amped Up).  

The "harm done" guidance (collectively, Guidance) is important for reporting entities (REs) to understand because "harm done" by a violation is one of the factors that FINTRAC is statutorily required to consider in determining the amount of a penalty for non-compliance with the PCMLTFA and Regulations. In that respect, FINTRAC interprets the term "harm done" to mean the degree to which a violation interferes with

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