Regulatory amendments now in force
The changes to the Regulations made under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act announced in the Canada Gazette in July 2019 and June 2020 are in force as of June 1, 2021.
FINTRAC has updated its suspicious transaction reporting requirements guidance and published new guidance on large virtual currency reporting requirements.
This updated guidance comes into effect on June 1, 2021. Previous guidance will remain archived on FINTRAC’s website until March 31, 2022.
As of June 1, 2021, certain fields in the Suspicious Transaction Report (STR), the Large Cash Transaction Report (LCTR), and the Casino Disbursement Report (CDR) will no longer be reportable. As FINTRAC no longer has the authority to receive this information, data entered in these fields will be masked when received by the Centre’s systems. FINTRAC does not expect reporting entities to update their systems at the present time. Please see the November Notice on the forthcoming regulatory amendments and flexibility (flexible measure 1) for more information.
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 firstname.lastname@example.org, and follow us on Twitter @FINTRAC_Canada to receive future updates.