The Financial Transactions and Reports Analysis Centre of Canada published its supervisory framework. The framework guides the Centre’s supervisory activities that are conducted to ensure compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.
FINTRAC’s supervisory framework describes in more detail the following components:
• Guiding principles
• Risk framework and supervisory strategic plan
• Pillars of supervision
Consult the framework at: FINTRAC’s supervisory framework.
FINTRAC also updated its administrative monetary penalties policy to provide greater clarity on the Centre’s approach to assessment and enforcement. It includes the following updates:
• A notice of violation may be issued directly following certain assessment activities, without the prior issuance of a separate findings letter.
• Reductions in penalties are considered on a case-by-case basis and are not automatically applied.
• FINTRAC carefully considers the specific circumstances of each voluntary self-declaration of non-compliance when deciding the appropriate course of action to address the non-compliance.
For more information, consult: Administrative monetary penalties policy and Voluntary self-declaration of non-compliance.
For questions, please contact FINTRAC by telephone at 1-866-346-8722 (toll-free) or by email at guidelines-lignesdirectrices@
