FTRAC - Administrative Monetary Penalties

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) enforces regulatory compliance through administrative monetary penalties (AMPs). These penalties are imposed on individuals and entities that violate financial regulations. FINTRAC aims to promote compliance and accountability within the financial sector.

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48 Entities in FTRAC - Administrative Monetary Penalties

Entity Name	Entity Type	Effective Date	Status
Austin Jewellers General partnership Frank Suppanz and Lisa Suppanz partners	Company	Jun 27, 2023	active
HomeLife Glenayre Realty Chilliwack Ltd	Company	Feb 8, 2021	active
Montecristo Jewellers Inc	Company	Feb 17, 2022	active
CZ Holdings Ltd	Company	Dec 29, 2020	active
Exchange Bank of Canada	Company	Nov 5, 2024	active
Sino Financial Ltd	Company	Oct 25, 2021	active
Binance Holdings Limited	Company	May 7, 2024	active
9197-9195 Québec Inc.	Company	Jul 2, 2020	active
Vision Bank Ltd	Company	Mar 8, 2023	active
Pan Pacific Platinum Real Estate Services Inc	Company	Mar 28, 2022	active

FAQs

Why is compliance with the FTRAC - Administrative Monetary Penalties necessary?

Administrative Monetary Penalties (AMPs) are crucial for ensuring compliance with legal and regulatory frameworks. They serve as an effective deterrent against violations, promoting accountability among individuals and organizations. By adhering to AMPs, entities not only avoid potential financial repercussions but also contribute to the integrity of their industry and the protection of public interests. Compliance fosters a culture of responsibility and transparency, ultimately supporting a fair and equitable marketplace for all stakeholders involved.

Which companies should comply with FTRAC - Administrative Monetary Penalties?

Companies in the financial services, telecommunications, and energy sectors must comply with FINTRAC's Administrative Monetary Penalties. These industries often handle sensitive consumer data and are subject to strict regulations. Non-compliance can lead to significant financial penalties, reputational damage, and operational disruptions, making adherence crucial for maintaining regulatory alignment and ensuring consumer trust in their services.

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