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Invoice and payment : Charging reporting entities for FINTRAC’s compliance program

From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

Learn about the invoice that FINTRAC will send to reporting entities (businesses and individuals), and the options to pay charges, as part of its assessment of expenses funding model.

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Invoice

The invoice will include:

The invoice will also include references to the authorities granted to FINTRAC to charge and collect payments from reporting entities, as prescribed in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.

Interim assessment amount

The basis of the determination of the interim assessment amount will be:

The purpose of determining this amount is to:

Final assessment adjustment amount

The basis of the determination of the final assessment adjustment amount will be actual end-of-year values based on the audited Financial Statements.

The final assessment adjustment amount is then calculated as the difference between the interim assessment (already charged) and the final assessment for a given fiscal year.

Total amount due

This represents the total amount that the reporting entity owes.

Note: The total amount that the reporting entity owes will be conclusive, binding, and due in full upon receipt of the invoice.

Every charge will constitute a debt due to His Majesty in right of Canada, be immediately payable, and be recoverable as a debt in any court of competent jurisdiction.

Payment

Reporting entities will have 2 options to pay their charges:

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