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FINTRAC updates identity verification guidance to include identification of human trafficking victims

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 closes 30 MSB for AML failures

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 says “buh-bye” to 32 MSBs for not living up to AML requirements

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 […]