FINTRAC reminds you of amendments to its PCMLTFA now being live
FINTRAC fines precious metals and stones dealer CAD 206,910
Link: Enforcement Action
FINTRAC’s updating its guidance…
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 […]
Nothing like a little prior notice: FINTRAC publishes new AML guidances, effectiveness in June
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 […]
FINTRAC fines Park Georgia Realty Ltd for AML failures
FINTRAC imposes an administrative monetary penalty on Park Georgia Realty Ltd. FINTRAC announced today that it has imposed an administrative monetary penalty on Park Georgia Realty Ltd. This real estate broker in Vancouver, British Columbia was imposed an administrative monetary penalty of $66,742.50 on January 25, 2021 for non-compliance with […]
Also a little dated: FINTRAC penalizes C&Z Holdings
FINTRAC imposes an administrative monetary penalty on C&Z Holdings Ltd. FINTRAC announced today that it has imposed an administrative monetary penalty on C&Z Holdings Ltd. operating as Golden Apple. This money services business in Vancouver, British Columbia, was imposed an administrative monetary penalty of $101,969 on December 29, 2020, for […]
FINTRAC announces administrative monetary penalty for RE/MAX All-Stars Realty
FINTRAC imposes an administrative monetary penalty on RE/MAX All-Stars Realty Inc. FINTRAC announced today that it has imposed an administrative monetary penalty on RE/MAX All-Stars Realty Inc. This real estate broker in Unionville, Ontario, was imposed an administrative monetary penalty of $31,350 on January 5, 2021, for non-compliance with Part […]
Virtual Currency Reporting coming to Canada
Large Virtual Currency Transaction Report Upload documentation Reporting entities dealing in virtual currency (VC) have Large Virtual Currency Transaction reporting obligations coming into force on June 1, 2021. Reporting entities can begin developing the Large Virtual Currency Transaction Report (LVCTR) Upload (a means to submit the reports to FINTRAC […]
FINTRAC publishes indicators of online child sexual exploitation Operational Alert
Operational alert: Laundering of proceeds from online child sexual exploitation Reference: FINTRAC-2020-OA001 December 2020 Purpose The purpose of this Operational Alert is to support reporting entities in recognizing financial transactions suspected of being related to the laundering of funds associated to child sexual exploitation, particularly online child sexual exploitation. Through […]
FINTRAC and OSFI divvy up the AML duties
Anti-money laundering/anti-terrorist financing / Lutte contre le recyclage des produits de la criminalité et le financement des activités terroristes Le français suit Posted on OSFI’s website: This letter provides an update on the Office of the Superintendent of Financial Institutions’ (OSFI) revised approach to supervising FRFIs’ anti-money laundering/anti-terrorist financing (AML/ATF) programs. […]
