New guidelines on penalties imposed for anti-money laundering violations has been published by The Financial Transactions Reports Analysis Centre of Canada (FINTRAC). It outlines how FINTRAC assesses risk and calculates penalties for Compliance KYC violations, suspicious transaction reporting lapses, record-keeping failures and other violations.
As of June 21 2019, any violations from securities dealers will be made public as per the new
guideline. Previously it had been kept at the discretion of the agency.
guideline. Previously it had been kept at the discretion of the agency.
This is a good step forward as institutions will always put more focus on their operations in ensuring safety for the client and themselves. Although risks can never be fully eliminated, there are ways to limit them and hopefully the fear of tainting public reputation will bring forth some new and innovative ideas on how to contain the risks.