FINTRAC defines "harm" as the degree to which a violation interferes with achieving the objectives of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (“PCMLTFA”).
In the latest Harm Series article, we will have a look at violations related to assessing and documenting the risks of Money Laundering and Terrorist Financing (often referred to as a company’s risk-based approach), and FINTRAC’s stated position on the harm that different types of deficiencies entail.