The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has issued a directive to mitigate risks associated with financial transactions involving North Korea. This directive, in effect since December 9, 2017, aims to protect Canada’s financial system from money laundering and terrorist financing threats.
Key Takeaways for Notaries
Any transaction involving North Korea is considered high risk, regardless of the amount.
Notaries must verify client identities, assess the source and purpose of funds, and maintain detailed records.
Suspicious transactions must be reported to FINTRAC.
Compliance programs should be updated to reflect these regulations.
Why This Matters
This directive ensures financial transparency and helps prevent sanctions evasion. Notaries handling financial transactions should stay informed and adhere to compliance requirements.
For full details, visit the official FINTRAC guidance here.
