2021 FINTRAC UPDATE

2021 FINTRAC UPDATE

As of 2021, the managing broker and the business now bear the risk of substantial fines if they fail to comply with five major requirements of the updated Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA):

  1. Implementing a compliance program
  2. Reporting transactions (filing suspicious transaction reports to FINTRAC)
  3. Keeping records about high-risk clients/transactions
  4. Knowing your client/ongoing monitoring
  5. Applying ministerial directives

You may find this guideline helpful when creating your compliance program: https://rlptraining.ca/wp-content/uploads/2023/03/FINTRAC-OFFICE-POLICY-2022.pdf

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