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FINTRAC updates STR guidance

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 […]

FINTRAC issues advisory related to FATF guidance

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 […]

FINTRAC provides update for virtual currency dealers

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 […]

April 1, 2019: FINTRAC publishes FATF advisory

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 updates guidance documents

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” […]