FINTRAC Updates
FINTRAC imposes an administrative monetary penalty on Vision Bank Ltd. News release March 24, 2023—Ottawa—Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) FINTRAC announced today that it has imposed an administrative monetary penalty on Vision Bank Ltd., also operating as Vision Bank (Canada). This money services business in Markham, Ontario, […]
FINTRAC provides regulatory guidance to help the victims of human trafficking On this Human Trafficking Awareness Day, FINTRAC is proud to highlight its significant contribution to the efforts of the financial sector in combatting modern slavery and human trafficking through the Finance Against Slavery and Trafficking (FAST) Survivor Inclusion Initiative. […]
FINTRAC revokes 30 registrations of money services businesses between October and December 2022 Money services businesses (MSBs) operating in Canada have legal obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations, including keeping records, verifying their clients’ identity, implementing a compliance regime, reporting certain types […]
FINTRAC publishes money laundering indicators related to illegal wildlife trade in support of Project Anton News Release January, 31 2023, Ottawa Ontario FINTRAC published today a new Operational Alert, Laundering the Proceeds of Crime from Illegal Wildlife Trade, meant to assist businesses subject to the Proceeds of Crime (Money Laundering) and […]
Resource documents to help reporting entities prepare for changes to the Suspicious Transaction Report (STR) form We wish to inform all reporting entities that FINTRAC is expecting to implement important changes to the Suspicious Transaction Report (STR) form in 2023. The form will reflect the legislative amendments that came into […]
FINTRAC publishes terrorist activity financing indicators in its new Operational Alert News Release December 15, 2022, Ottawa Ontario FINTRAC published today a new Operational Alert, Terrorist Activity Financing, to assist businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in identifying and reporting suspicious transactions and […]
FINTRAC revokes 32 registrations of money services businesses between April and September 2022 Money services businesses (MSBs) operating in Canada have legal obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act(PCMLTFA) and associated Regulations, including keeping records, verifying their clients’ identity, implementing a compliance regime, reporting certain […]
FINTRAC’s video series on methods to verify the identity of a client FINTRAC publishes the first of a series of videos on prescribed methods that can be used to verify the identity of a person or an entity. The first video explains how to use the government-issued photo identification document […]
FINTRAC information session for money services businesses engaged in providing payment services Are you a money services business or foreign money services business that provides invoice payment services or payment services for goods and services? Join us for a presentation and a question and answer session on: The recent amendments to the […]
Mr. Watchlist notes: 4 of 6 FINTRAC Enforcement Actions in 2021 involved real estate companies, and at least 4 of the 13 this year do (based purely on seeing the name Realty or similar in the name – there might be more). FINTRAC imposes an administrative monetary penalty on Cathay […]
Mr. Watchlist 