(La version française suit.)
This email is to inform you that FINTRAC will be restructuring its website on June 30, 2017 and that the transitional period for client identification methods will be extended until January 23, 2018 as confirmed by the Department of Finance.
On June 29, 2017, at 5:00pm (EST) FINTRAC will be changing the presentation of its Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations guidance to improve navigation and format. You will be able to search sector specific guidance in two different ways, either from the main guidance section or the reporting entities section.
The main guidance section will contain all FINTRAC guidance as well as direct you to additional information outside of your specific business sector, for example policy interpretations, operational alerts, etc.
The new reporting entity section will provide links specific to your sector as well as point to other applicable guidance.
Guideline 6 will be removed from the FINTRAC website on June 30, 2017 and will be replaced by ‘Know your client’ (KYC) and record keeping guidance.
Over the last year, FINTRAC published guidance related to amendments that are in force as of June 17, 2017. This guidance will still be available except for “Amendments to regulations under PCMLTFA”, which will be incorporated into other guidance documents. If you wish to keep a copy of this document you may want to download it before June 29, 2017.
Reporting entities have been able to use the old methods or rely on the new methods to identify clients over the last year (June 30, 2016 to June 30, 2017) and this period of transition will now be extended until January 23, 2018 as confirmed by the Department of Finance. As of June 30th 2017, guidance related to either the new or previous methods to identify clients will be titled ‘Methods to identify individuals and confirm the existence of entities’.
Here is a summary of legislative amendments that come into force on June 17, 2017:
· new definition of ‘casino’
· ‘client credit file’ definition is repealed
· elements that must be considered in your risk assessment:
o new technologies and developments
o risk resulting from the activities of affiliates
· ‘unsuccessful reasonable measures’ record
· new obligations related to politically exposed persons (domestic and foreign) (PEPs) and heads of international organizations and their family members or close associate
· ID number of the person initially identifying a suspicious transaction will be removed and FINTRAC will no longer collect this information.
· In all reporting forms, what was ‘place of issue’ will be replaced by ‘jurisdiction of issue’ – The validation rules for these fields will not change.
You will receive an email from FINTRAC as soon as the changes have been implemented. If you are subscribed to the FINTRAC RSS feed you will also receive a notification.
Please direct questions to firstname.lastname@example.org.