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 firstname.lastname@example.org.