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 |
|---|---|---|---|
Industrial and Commercial Bank of China Canada | Company | Oct 4, 2021 | active |
1000085532 Ontario Inc | Company | Jun 27, 2024 | active |
Taiwanese Canadian Toronto Credit Union Limited | Company | Nov 1, 2021 | active |
Thanh Hung Truong | Individual | May 5, 2022 | active |
Sokhom Ung | Individual | Mar 29, 2022 | active |
Loto-Quebec | Company | Feb 28, 2020 | active |
Village Pointe-Claire Buildings Inc. | - | Jul 17, 2024 | active |
Canaccord Genuity Corp. | - | May 14, 2025 | 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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