FINTRAC Updates
April 2020 This guidance will come into force on 1st June 2020. All reporting entities (REs) and individuals employed by REs must report suspicious transactions under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations. If you are an individual who works for an RE and […]
Operational alert: Laundering the proceeds of crime through a casino-related underground banking scheme Issued in partnership with the Combined Forces Special Enforcement Unit (CFSEU) – British Columbia (BC) December 2019 This operational alert provides money laundering indicators that were observed in FINTRAC disclosures sent to law enforcement in relation to […]
6 December, 2019 – FINTRAC Advisory: Financial transactions related to countries identified by the Financial Action Task Force (FATF) On October 18, 2019, the Financial Action Task Force (FATF) issued a Public Statement and a statement on Improving Global Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Compliance. These […]
Businesses dealing in virtual currencies can register with FINTRAC in advance of June 1, 2020 The Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations were amended in June 2019 to cover businesses that deal in virtual currencies. To deal in virtual currencies means to provide virtual currency exchange services […]
FINTRAC updates its Methods to verify the identity of an individual and confirm the existence of a corporation or an entity other than a corporation guidance After consulting and working closely with businesses, FINTRAC has updated its guidance on Methods to verify the identity of an individual and confirm the existence […]
Operational brief: Risks and indicators for dealers in precious metals and stones July 2019 Introduction This operational brief provides information and guidance about the factors that expose individuals and entities (both retailers and wholesalers/suppliers) that are dealers in precious metals and stones to money laundering and terrorist financing risks. The […]
July 2019 Introduction This operational brief provides information and guidance about the factors that expose individuals and entities (both retailers and wholesalers/suppliers) that are dealers in precious metals and stones to money laundering and terrorist financing risks. The brief also includes indicators to help such dealers determine when they should […]
Operational alert: Laundering of the proceeds of romance fraud Issued in partnership with the Canadian Anti-Fraud Centre Romance fraud involves perpetrators expressing false romantic intentions toward victims to gain and then take advantage of their trust and affection in order to access their cash, bank accounts and credit cards. The […]
April 1, 2019 – FINTRAC Advisory: Financial transactions related to countries identified by the Financial Action Task Force (FATF) On February 22, 2019, the Financial Action Task Force (FATF) issued a Public Statement and a statement on Improving Global AML/CFT Compliance. These statements are updated and released following every Plenary. […]
FINTRAC has published new suspicious transaction guidance FINTRAC has published new suspicious transaction guidance: “What is a suspicious transaction report”, “Reporting suspicious transactions to FINTRAC” and sector-specific “Money laundering and terrorist financing indicators”. This guidance replaces “Guideline 2: Suspicious transactions”, “Guideline 3A: Submitting Suspicious Transaction Reports to FINTRAC electronically” […]
