Canada to Dramatically Increase FINTRAC Penalties for Anti-Money-Laundering Non-Compliance
Canada is preparing to significantly raise the financial penalties that businesses could face for failing to meet anti-money-laundering (AML) and counter-terrorist financing obligations under the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regime. As part of federal legislation passed by the House of Commons and awaiting Senate approval, the maximum fines for violations…


