Menu Home

FINTRAC continues to be flexible…

We wish to inform all reporting entities subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations of recent notices published on FINTRAC’s website:

Update to reporting entities on expectations as of December 1, 2021

FINTRAC has published a notice providing clarification on the expectations as of December 1, 2021 regarding the obligations with the amended Regulations. This notice addresses:

  • Travel rule and payment rails
  • System readiness
  • Examination approach
  • Important dates

Updated Notice on Regulatory Amendments and Flexibility

In December 2021, we updated the November 16, 2020 notice, which detailed the flexible measures that are being exercised on an exception and transitionary basis. The updated noticeaddresses the following areas:

  • Reflect the June 1, 2021 coming into force of the amendments to the Regulations,
  • Replace the “How will REs be assessed” section with a reference to the Update to reporting entities on expectations as of December 1, 2021,
  • Include sub-measure 2.1 regarding Casino Disbursement Reports aggregation, and
  • Revise some of the text to clarify FINTRAC’s expectations.

Please note that the updates do not change FINTRAC’s expectation but are intended to provide additional clarity and transparency to FINTRAC’s assessment approach.

At FINTRAC, we are committed to working with businesses to increase their awareness, understanding and compliance with their obligations under the PCMLTFA and associated Regulations. For questions, please contact us by telephone at 1-866-346-8722(toll free) or by email at guidelines-lignesdirectrices@fintrac-canafe.gc.ca.

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: