FINTRAC’s New Legislative Amendments: What Businesses Need to Know

On March 26, 2026, new legislative amendments received Royal Assent that expand and modernize parts of Canada’s anti-money laundering and anti-terrorist financing framework. FINTRAC has since published implementation information to help reporting entities understand what is changing and when those changes will take effect.

These updates matter for a wide range of businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, especially as FINTRAC will be introducing new compliance expectations, broader enrollment requirements, and additional enforcement tools. 

What changed

FINTRAC’s implementation page identifies several major amendments under the Strengthening Canada’s Immigration System and Borders Act, including a new administrative monetary penalties framework, a requirement that compliance programs be reasonably designed, risk-based, and effective, and clarified rules around anonymous accounts and anonymous clients.

The amendments also require more businesses subject to the Act to enroll with FINTRAC, allow FINTRAC to provide financial intelligence disclosures to the Commissioner of Canada Elections, and permit FINTRAC to exchange supervisory information with other members of the Financial Institutions Supervisory Committee.

In addition, the Budget 2025 Implementation Act introduces the Stablecoin Act, which will create a registration requirement for stablecoin issuers once future regulations come into force.

Why this matters

For businesses, these changes signal a more structured and more demanding compliance environment. FINTRAC is not only updating penalties and reporting expectations, but also placing more emphasis on how effective a business’s compliance program actually is in practice.

That means organizations should review their current policies, client identification procedures, recordkeeping, internal controls, and training programs now rather than waiting for enforcement dates to arrive.

Businesses that rely on third-party vendors, client onboarding systems, or digital payment models should pay close attention to the new definitions and enrollment requirements, especially if they may be captured by the universal enrolment rules or future stablecoin-related obligations.

What businesses should do now

The first step is to confirm whether your business is subject to the Act and whether any upcoming amendments will affect your operations. FINTRAC has stated that coming-into-force dates vary, and it will continue publishing guidance as obligations are rolled out.

You should also review your compliance program to make sure it is risk-based, documented, and operationally effective, since that language is now explicitly part of the legislative framework.

If your business handles client verification, account opening, money movement, or virtual currency-related activity, this is a good time to update internal procedures and train staff on the new expectations.

Stablecoin issuers

The Stablecoin Act is especially important for businesses operating in digital finance. Under FINTRAC’s summary, stablecoin issuers will be required to register with FINTRAC as money services businesses dealing in virtual currency once the related regulations are in force.

FINTRAC also notes that the Bank of Canada will maintain a public registry of stablecoin issuers.

For any company exploring stablecoin products or services in Canada, this is a sign that the regulatory landscape is becoming more formalized and should be assessed early.

Final thoughts

These amendments are part of a broader effort to strengthen Canada’s anti-money laundering and anti-terrorist financing regime, improve supervision, and close compliance gaps across the financial sector and related businesses.

If your organization is affected, the safest approach is to review your current compliance framework now and prepare for phased implementation as FINTRAC releases more guidance.

Ready to get your documents prepared properly?

Whether you’re a business owner updating compliance-related paperwork or an individual needing a notary for personal legal documents, Jamie Taleb Notary is here to help. Reach out today to book your appointment and get clear, professional support for your documentation needs.