What is the range of penalties for minor violations under PCMLTF Regulations?

The range of penalties for minor violations under the Proceeds of Crime (Money Laundering) and Terrorist Financing (PCMLTF) Regulations is established to ensure compliance while also taking into consideration the nature of the offenses. The correct range of $1 to $1,000 signifies that minor infractions are treated with relatively lower penalties, focusing on compliance and remediation rather than severe punishment. This approach encourages reporting and correction of minor issues without excessive financial burden, reflecting a balance between enforcement and fairness.

The other ranges presented in the choices suggest a broader or more severe penalty scope that would typically apply to more serious infractions or violations. Specifically, some options indicate much higher minimum penalties, which would be more appropriate for substantial violations involving greater risks or damage, thereby reinforcing the idea that not all violations carry the same weight or consequences under the regulations.