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Hiring A Lawyer To Help You With FINTRAC

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Why You Need a Lawyer When FINTRAC Comes Knocking

When FINTRAC turns its attention to your organization there is an immediate change in the nature of the relationship between your organization and FINTRAC.  It shifts from a partnership in the fight against money laundering and terrorist financing to an adversarial one in which your organization has now attracted the scrutiny of the state – a massive entity which wields significant power.  Should you consider hiring a lawyer?  That’s a good question.

When ...

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Another FINTRAC Penalty Published

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FINTRAC published the name of another MSB.  Ideal Money Services Inc. of Richmond Hill, Ontario, was fined $20,410.00 on July 13, 2012 for seven counts of violating the PCMLTFRs.  Its name and the details were published on the FINTRAC website on September 4, 2012.  Read the notice here.

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FINTRAC Gives Fair Warning to Credit Unions in Ontario

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At a recent meeting with the Deposit Insurance Corporation of Ontario (DICO), The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) stated that, as it has now examined every Ontario credit union and caisse populaire at least once, there will be no tolerance for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) going forward. FINTRAC has clearly and strongly stated that if findings of deficiency are not properly addressed by the time of its ...

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Our Federal government is looking to toughen up the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR).  Should this happen, this will result in greater obligations for reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.  Put another way, the FINTRAC exam process will hold greater risk to an organization and an increased likelihood that FINTRAC will find a deficiency.  

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Getting Your Documentation and Information to FINTRAC

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How Do I Get My Information to FINTRAC?

We’re often asked whether it is appropriate to e-mail or fax documents to FINTRAC when they ask for information as part of a compliance examination. Those companies are motivated to send information electronically because of tight timelines, and because the paper replies can fill a decent sized recreational vehicle. And they’re worried about the penalties for not complying with FINTRAC’s request – because an electronic reply won’t count, or the subsequent paper reply ...

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