Menu Home

FINTRAC updates its assessment manual

Update to the FINTRAC Assessment manual

Good morning/afternoon,

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. 

For questions, please contact guidelines-lignesdirectrices@fintrac-canafe.gc.ca

Categories: Anti-Money Laundering Assessment Manual 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 )

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: