FINTRAC

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 chang…

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 t…

Click here to learn more about the subjects below:Financial transactions related to countries identified by the FATFDemocratic People’s Republic of Korea (DPRK)Ministerial Directive on the DPRKIranMinisterial Directive on IranMyanmarOther jurisdictionsNicaragua no longer subject to FATF’s increased monitoring processPakistan no longer subject to FATF’s increas…

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 covered…

Money services businesses (MSBs) must fulfill specific obligations as required by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations, to help combat money laundering and terrorist activity financing in Canada.There are two types of MSBs that must fulfill obligations under the PCMLTFA: Canadian money services businesses and Foreign mo…

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Its mandate is to facilitate the detection, prevention and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control.Read more about the topics below …All FINTRAC guidanceStrategic inte…

FINTRAC guidance related to the Ministerial Directive on Financial Transactions Associated with the Islamic Republic of Iran issued on July 25, 2020September 2021This guidance is related to the Ministerial Directive (MD) issued by the Minister of Finance that was published in the Canada Gazette and came into force on July 25, 2020.This guidance will answer the following questions…