Which violations are made public by FINTRAC on their website?

Which violations are made public by FINTRAC on their website?

• A. All violations regardless of severity
• B. Only financial penalties under $10,000
• C. Serious or very serious violations with penalties equal to or greater than $10,000
• D. All completed transaction reports

Answer: (C)

FINTRAC, or the Financial Transactions and Reports Analysis Centre of Canada, publicly discloses information about serious or very serious violations that are linked to penalties of $10,000 or more. This practice is in place to maintain transparency and to inform the public about the enforcement of compliance measures within financial institutions and reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. By focusing solely on significant infractions, such as those with substantial penalties, FINTRAC effectively emphasizes serious breaches that pose a greater risk to the integrity of Canada’s financial system. This disclosure is particularly aimed at ensuring public awareness and fostering compliance among various entities obligated under the regulation. The other options focus on different aspects of violations that do not align with FINTRAC’s specific disclosure practices, which are centered on more serious breaches rather than the totality of violations or lower penalties. This targeted approach helps reinforce the importance of compliance in the financial sector.

FINTRAC, or the Financial Transactions and Reports Analysis Centre of Canada, publicly discloses information about serious or very serious violations that are linked to penalties of $10,000 or more. This practice is in place to maintain transparency and to inform the public about the enforcement of compliance measures within financial institutions and reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

By focusing solely on significant infractions, such as those with substantial penalties, FINTRAC effectively emphasizes serious breaches that pose a greater risk to the integrity of Canada’s financial system. This disclosure is particularly aimed at ensuring public awareness and fostering compliance among various entities obligated under the regulation.

The other options focus on different aspects of violations that do not align with FINTRAC’s specific disclosure practices, which are centered on more serious breaches rather than the totality of violations or lower penalties. This targeted approach helps reinforce the importance of compliance in the financial sector.