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FINTRAC’s updating its guidance…

Publication of Updated and New Guidance

FINTRAC has updated its guidance on compliance program requirementsmethods to verify the identity of persons and entitiesthird party determination requirements, and reporting terrorist property to reflect regulatory amendments coming into force on June 1, 2021, and has updated its FAQ about domestic politically exposed persons and heads of international organizations to align it with the amendments.

FINTRAC has also published new guidance on prepaid payment products and accountsthe 24-hour rule, and travel rule requirements to support the regulatory amendments in those areas.

In addition, FINTRAC made some minor clarifications to the recently published politically exposed persons and heads of international organizations guidance to ensure consistency.

Please note that the new guidance will come into effect on June 1, 2021. At that time, the current guidance will no longer be in force, but it will remain on FINTRAC’s website until March 31, 2022.

FINTRAC is committed to working with businesses to increase their awareness and understanding of their compliance obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. 

As Canada’s financial intelligence unit and anti-money laundering and anti-terrorist activity financing regulator and supervisor, FINTRAC plays a key role in helping to protect the safety of Canadians and the security of Canada’s economy.

For questions, please contact guidelines-lignesdirectrices@fintrac-canafe.gc.ca, and follow us on Twitter @FINTRAC_Canada to receive future updates.

Categories: Anti-Money Laundering FINTRAC Updates Guidance

eric9to5

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