What is the penalty threshold for a violation to be publicly listed by FINTRAC?

What is the penalty threshold for a violation to be publicly listed by FINTRAC?

• A. Equal to or greater than $1K
• B. Equal to or greater than $5K
• C. Equal to or greater than $10K
• D. Equal to or greater than $50K

Answer: (C)

The penalty threshold for a violation to be publicly listed by FINTRAC is equal to or greater than $10,000. This threshold is established to ensure that significant violations related to anti-money laundering and counter-terrorism financing are made transparent to the public. By setting this minimum penalty amount, FINTRAC aims to focus on violations that are substantial enough to warrant public awareness, thereby promoting compliance and accountability within the financial and real estate industries. Violations below this threshold may be handled internally or through other means that do not involve public disclosure, thus ensuring that only more serious infractions are highlighted.

The penalty threshold for a violation to be publicly listed by FINTRAC is equal to or greater than $10,000. This threshold is established to ensure that significant violations related to anti-money laundering and counter-terrorism financing are made transparent to the public. By setting this minimum penalty amount, FINTRAC aims to focus on violations that are substantial enough to warrant public awareness, thereby promoting compliance and accountability within the financial and real estate industries. Violations below this threshold may be handled internally or through other means that do not involve public disclosure, thus ensuring that only more serious infractions are highlighted.