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FINTRAC-Related Blog Posts
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FINTRAC Strengthens AML Oversight After Bill C-12 Passes
Bill C-12: What You Need to Know Key Amendments Introduced by Bill C-12 Bill C-12, also known as the Strengthening Canada's Immigration and Borders Act, brings significant changes to how Canada manages its borders and immigration system. It aims to modernize existing frameworks and provide law enforcement agencies with updated tools to address contemporary threats....
Read The Rest...FINTRAC MSB Registration Revoked? What To Do Now
Money Services Businesses in Canada And Why They Must Register In Canada, businesses involved in financial transactions, particularly money services businesses (MSBs), are required to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This registration is not merely a bureaucratic step; it is a fundamental component of Canada's anti-money laundering (AML)...
Read The Rest...FINTRAC Ministerial Directives
Directives That Reporting Entities Must Follow In Respect of Iran, North Korea, and Other High Risk Countries Purpose and Scope of Ministerial Directives Ministerial directives are specific instructions issued by the Minister of Finance. They are designed to guide reporting entities, including Money Services Businesses (MSBs) and others, on how to deal with certain financial...
Read The Rest...FINTRAC Requirements for Securities Dealers
Dealers of Securities Must Comply With Particular Anti-Money Laundering Requirements Securities dealers in Canada operate within a regulatory framework designed to prevent financial crime. The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) is the primary legislation governing these obligations. FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada, is the agency...
Read The Rest...The “Travel Rule” For MSBs and FINTRAC Regulated Entities
How The FATF Travel Rule Applies in Canada The Genesis Of The Crypto Travel Rule The FATF Travel Rule, often informally referred to as the ‘Crypto Travel Rule', was introduced in Canada on June 1st, 2021. Its primary aim is to bring virtual currency transactions under the purview of the Proceeds of Crime (Money Laundering)...
Read The Rest...Identity Verification for FINTRAC MSBs and Reporting Entities
FINTRAC Reporting Entities Must Verify IDs In a Particular Manner The Proceeds of Crime (Money Laundering) and Terrorist Financing Act The Proceeds of Crime (Money Laundering) and Terrorist Financing Act, often called the PCMLTFA, is the main law that sets out what certain businesses and individuals in Canada need to do to help fight financial...
Read The Rest...FINTRAC Obligations for Factoring Companies
Anti-Money Laundering Requirements for Canadian Factoring Companies Introduction to FINTRAC and Its Role The Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, is Canada's financial intelligence unit. It plays a significant role in combating financial crime, including money laundering and terrorist financing. FINTRAC is responsible for ensuring that businesses comply with anti-money laundering...
Read The Rest...What is a Chief Anti Money Laundering Officer (CAMLO)?
Uncover the crucial role of a Chief Anti Money Laundering Officer (CAMLO) in safeguarding financial institutions from illegal financial activities.
Read The Rest...What is FINTRAC?
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) operates under the legislative authority of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its associated regulations. This foundational legal framework mandates FINTRAC to perform several key functions: the collection and analysis of financial transaction information, and the dissemination of actionable...
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