FINTRAC

In the world of finance and compliance, staying up-to-date with regulatory changes is essential. Recently, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has rolled out some crucial updates that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) need to be aware of. These changes involve the implementation of a new La…

FINTRAC has released the fifth of a series of videos, focusing on the prescribed methods for verifying the identity of individuals or entities. This particular video demonstrates the utilization of the reliance method. All businesses falling under the purview of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its Regulations are obligated to verify the iden…

The Government of Canada has launched a public consultation to strengthen the country’s Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regime. This consultation is part of a parliamentary review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The government is seeking feedback from various stakeholders, including experts, civil society groups, go…

FINTRAC publishes the fourth of a series of videos on prescribed methods that can be used to verify the identity of a person or an entity. This video explains how to use the affiliate or member method. To learn more, watch the video on Verifying the identity of a client: Affiliate or member method and refer to FINTRAC’s guidance on the Methods to verify the identity of persons and entities.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has issued a fraud alert to warn the public about scams and fraudulent activities that try to obtain personal and financial information by imitating government services, including FINTRAC. The alert highlights that FINTRAC will never contact members of the general public to obtain personal or financial information, and i…

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) provides guidance and directives for businesses subject to anti-money laundering and terrorist financing regulations in Canada. Their website offers valuable information on reporting requirements, compliance best practices, and resources for reporting suspicious transactions. If you’re looking to stay up-to-date with cha…

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) requires businesses to identify their customers and ask for identification to comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Money laundering is the process of disguising the source of funds obtained through criminal activities, while terrorist financing is the act of generating revenue…

Click here to learn more about the subjects below: Financial transactions related to countries identified by the FATF Democratic People’s Republic of Korea (DPRK) Ministerial Directive on the DPRK Iran Ministerial Directive on Iran Myanmar Other jurisdictions Nicaragua no longer subject to FATF’s increased monitoring process Pakistan no longer subject to FATF’s incre…

Following last April’s Notice about amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR) and the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties (PCMLTFAMP) Regulations, we wish to remind reporting entities that crowdfunding platforms and certain payment service providers are cover…