Enforcement
The legislation is enforced by the Financial Transactions Reporting and Analysis Centre of Canada (FINTRAC).
This group receives and analyses reports on listed types of transactions (including Large Cash Transactions and Suspicious Transactions) from the growing list of sectors covered under the legislation. They have the right to see the client identification and receipt of funds records, and other information relevant to enforcement. If they find patterns that could help prove money laundering or terrorist financing, they make reports to law enforcement agencies.
FINTRAC may also audit companies’ and individuals’ compliance with the regulations. Effective December 31, 2008, the Centre can issue penalties to people or companies who don’t comply. Criminal penalties, including fines of up to $2 million or up to five years in jail, can also apply for serious non-compliance.
They have prepared guidelines and can help answer questions about the requirements.
For more information:
FINTRAC
24th floor, 234 Laurier Avenue West
Ottawa, ON, K1P 1H7
Email: guidelines-lignesdirectrices@fintrac-canafe.gc.ca
Telephone: 1-866-346-8722 (toll free)
Fax: 613-943-7931
