What is "Harm Done" and how is it assessed by FINTRAC?
According to section 73.11 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (“PCMLTFA”), when deciding whether a penalty should be considered, FINTRAC assesses the “harm done” by a violation by reviewing various factors. FINTRAC considers the nature, relative importance, extent, and root cause of the non-compliance, mitigating or aggravating factors, and the business’s history of compliance.
Today we bring you the first article in our ongoing Harm Series; a series where our AML experts dive deep into the topic of Harm to help your business stay out of harm's way. In this article, we will outline what constitutes Harm and how FINTRAC assesses it.