Menu Home

FINTRAC reminds you of amendments to its PCMLTFA now being live

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

Categories: Anti-Money Laundering FINTRAC Updates

eric9to5

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: