Did you know that failing to appoint a Compliance Officer is a serious offence that can lead to an administrative monetary penalty (“AMP”) of up to $100,000? But just naming someone a Compliance Officer is not enough. FINTRAC issues deficiencies and penalties based on the qualifications, role definition and performance of the Compliance Officer.
Today we bring you another article in our Harm Series, this time highlighting the importance of Compliance Officers and the potential penalties your business may face in violation.