Measuring Your AML Program Against FINTRAC Requirements: Does It Stand Up?

Original Broadcast Date: Tuesday, March 8, 2022
Running Time: 1:30:58

After a hiatus of few years, FINTRAC is once again imposing administrative monetary penalties (AMPs) for non-compliance with the Proceeds of Crime (Money Laundering) Terrorist Financing Act and its associated Regulations.

Moreover, as of June 21, 2019, the legislation was amended requiring FINTRAC to make public all AMPs it imposes. Subsequently, FINTRAC has published details of the AMPs it has imposed since June 2019 with penalties ranging from a low of $31,000 to a high of slightly above $700,000. What is even more surprising is the fact that the majority of the recipients are reporting entities that have been covered by the legislation since its inception and either have yet to implement a compliance program or have a program in place that FINTRAC found to be lacking in its application.

This webinar provides an in-depth explanation of the expected detail required for a reporting entity’s compliance program, including its design, application, and delivery. Participants have the opportunity to measure their program against established best practices and identity potential areas for improvement.

Angelo Coppola, CAMLO for a Montreal-based money services business and a former manager for FINTRAC, leada the discussion, providing insight and perspec-tive on FINTRAC’s expectations using the hands-on, practical guidance of an experienced practitioner.

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