FINTRAC Updates
Updates to guidance on FINTRAC’s website 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 updates to the following guidance on FINTRAC’s website: Reporting large virtual currency transactions (LVCTRs) to FINTRAC In September 2021, […]
FINTRAC imposes an administrative monetary penalty on Pacific Place – Arc Realty Ltd. FINTRAC announced today that it has imposed an administrative monetary penalty on Pacific Place – Arc Realty Ltd. This real estate broker in Vancouver, British Columbia, was imposed an administrative monetary penalty of $255,750 on July 27, […]
MSB registration eligibility changes Recently, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) was modified to further tighten and define the criteria of who is ineligible to register as a money services business (MSB) and a Foreign MSB with FINTRAC. Please consult our web page on Who is […]
FINTRAC provides additional money laundering indicators associated with human trafficking for sexual exploitation in support of Project Protect On this World Day Against Trafficking in Persons, FINTRAC has published its latest Operational Alert, Updated Indicators: Laundering of proceeds from human trafficking for sexual exploitation. Following a strategic analysis of its financial […]
FINTRAC imposes an administrative monetary penalty on Sokhom Ung, operating as Bureau de change Saint-Michel FINTRAC announced today that it has imposed an administrative monetary penalty on Sokhom Ung, also operating as Bureau de Change Saint-Michel. This money services business in Montréal, Quebec, was imposed an administrative monetary penalty of […]
FINTRAC imposes an administrative monetary penalty on Les Immeubles Diamant Diamant Inc. FINTRAC announced today that it has imposed an administrative monetary penalty on Les Immeubles Diamant Diamant Inc., also operating as Diamond Diamond Real Estate Inc. This real estate broker in Montréal, Quebec, was imposed an administrative monetary penalty […]
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 […]
FINTRAC imposes an administrative monetary penalty on Magasin Château D’Ivoire Inc. FINTRAC announced today that it has imposed an administrative monetary penalty on Magasin Château D’Ivoire Inc., also operating as Château D’Ivoire. This dealer in precious metals and stones in Montréal, Quebec, was imposed an administrative monetary penalty of $206,910 […]
Publication of Updated and New Guidance FINTRAC has updated its guidance on compliance program requirements, methods to verify the identity of persons and entities, third party determination requirements, and reporting terrorist property to reflect regulatory amendments coming into force on June 1, 2021, and has updated its FAQ about domestic politically exposed persons and heads of international […]
Publication of updated FINTRAC client identification, record keeping and other guidance FINTRAC has updated its record keeping, client identification, beneficial ownership, and correspondent banking guidance to reflect regulatory amendments coming into force on June 1, 2021, and its foreign branches, foreign subsidiaries and affiliates requirements guidance by aligning its formatting with recently published guidance pieces. Please note that […]
Mr. Watchlist 