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Penalties for non-compliance

Failure to comply with Parts 1 and 1.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act may result in criminal charges for non-compliance offences or administrative monetary penalties (AMPs). Both criminal charges for non-compliance offences and AMPs cannot be issued against the same instances of non-compliance.

Administrative monetary penalties

Since December 30, 2008, FINTRAC has legislative authority to issue an AMP to reporting entities that are in non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

FINTRAC must make public all administrative monetary penalties imposed.

Criminal non-compliance offences

FINTRAC has the legislative authority to disclose information to law enforcement when it suspects on reasonable grounds that the information would be relevant to investigating or prosecuting a non-compliance offence under the PCMLTFA. Disclosures may occur when the Centre has identified reporting entity non-compliance, or when the Centre has received voluntary information from law enforcement on non-compliance. For more information, see Criminal non-compliance offences under the PCMLTFA.

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