Update to the FINTRAC Assessment manual
We have updated the FINTRAC Assessment manual to reflect the recent coming into forces of regulatory amendments, and related changes to our examination process. The update includes very little new content, it consists in minor language adjustments, additions to existing examination tests, and some new tests. The items listed below summarize the changes in the manual.
Minor terminology adjustments, additions or changes to align with the PCMLTF Regulations or to reflect amended processes, such as:
- New terms such as “Dealers in precious metals and precious stones”, “Foreign Money Services Business” and “Virtual currency” are added where applicable.
- Part 2 – Examination phases: Changes reflect minor adjustments to processes
– Phase 1 – Planning and scoping
– Phase 2 – Examination and assessment
– Phase 3 – Developing conclusions and finalizing the examination
- Part 3 – Assessment methods: Changes reflect new or amended processes to reflect the PCMLTF Regulations
– Section 3.1 – Compliance program requirements
– Section 3.3.4 – International Electronic Funds Transfer Reports
– Section 3.6 – Foreign branches, foreign subsidiaries and affiliates requirements
New tests or additions to existing tests:
- Section 3.2.2 – Know your client requirements (Beneficial ownership)
- Section 3.3.3 – Large Virtual Currency Transaction Reports
- Section 3.3.4 – International Electronic Funds Transfer Reports
- Section 3.3.6 – Suspicious Transaction Reports
- Section 3.4 – Record keeping requirements
Looking forward, we will continue to update the manual to reflect amendments to the PCMLTFA and associated Regulations, and as our process evolves.
Thanking you in advance for your continued engagement.
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