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Modernization and upcoming changes impacting reporting entities

From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

New initiatives that FINTRAC is implementing, which impact reporting entities (businesses and individuals).

On this page

Implementing online systems

Description of initiative

Following a cyber incident, which took place on March 2, 2024, FINTRAC took its corporate systems offline to ensure their integrity and protect the information that it maintains. FINTRAC is working on implementing new tools and systems in a phased approach to allow reporting entities to fully resume the submission of financial transactions.

API report submission is available for entities that submit higher volumes of Suspicious Transaction Reports, Large Cash Transaction Reports, Large Virtual Currency Reports, Electronic Funds Transfer Reports and Casino Disbursement Reports.

Initiative status

In progress

Timelines

FINTRAC is currently working on the following priority systems:

  • FINTRAC Web Reporting System
  • Money services business registration
  • Report upload for financial transaction reports identified and documented by reporting entities during the system outage

FINTRAC is currently testing components of the FINTRAC Web Reporting System and the report upload with smaller groups of reporting entities. The wider implementation dates for these systems will be updated as they become available.

Key steps or milestones

FINTRAC is assessing timelines for the implementation of various online systems. Dates will be updated as they become available.

  • FINTRAC Web reporting System:
    • Implementation of modernized Suspicious Transaction Form for all current FINTRAC Web Reporting System users
    • System improvements and integration of Large Cash Transaction Report, Electronic Funds Transfer Report and Casino Disbursement Report
    • Guidance will be published
  • FINTRAC API report submission:
    • Completed: Suspicious Transaction Report, Large Cash Transaction Report, Large Virtual Currency Reports, Electronic Funds Transfer Reports and Casino Disbursement Reports
  • Money services business registration:
    • Money services businesses registration system and web form for money services businesses to initiate registrations, renewals, information changes and cessations
    • Money services businesses registry for up-to-date information on the most recent registration status of money services businesses
  • Report upload for financial transaction reports identified and documented by reporting entities during the system outage:
    • Launch of system to allow the submission of financial transaction reports that were identified and documented during the system outage period beginning March 2, 2024
    • Reporting entities will be provided with guidance and user credentials 
Web content

Additional links to new or updated FINTRAC web content related to this initiative will be posted as they become available.

Implementing obligations for the mortgage sector

Description of initiative

FINTRAC will provide information and adapt reporting tools to assist businesses and professionals involved in the mortgage sector to comply with their new anti-money laundering and anti-terrorist financing obligations starting October 11, 2024.

Initiative status
In progress
Timelines
To implement by October 2024 when the regulations will come into force.
Key steps or milestones
Web content

Implementing stronger correspondent banking obligations

Description of initiative

FINTRAC will adapt its guidance since financial entities entering into a correspondent banking relationship will need to comply with additional requirements as of October 11, 2024:

  • conduct and document a risk assessment of their correspondent banking relationship, and keep up to date
  • conduct additional due diligence measures and keep a record:
    • determine the nature of the clientele and markets served by the foreign financial institution
    • assess the reputation of the foreign financial institution with respect to anti-money laundering and anti-terrorist financing requirements
    • assess the quality of the anti-money laundering and anti-terrorist financing supervision of the jurisdiction in which the foreign financial institution is incorporated and conducts transactions
  • conduct on-going monitoring of the correspondent banking relationship according to the risk
Initiative status
In progress
Timelines
To implement by October 2024 when the regulations will come into force.
Key steps or milestones
Web content
Links to new or updated FINTRAC's web content related to this initiative will be posted progressively prior to the coming into force date.

Modernizing FINTRAC's reporting forms

Description of initiative
Multi-year initiative to implement important changes to FINTRAC's reporting forms (and related guidance).
Initiative status
Implementation completed
Timelines

Implementation completed June 24, 2024

Businesses that submit higher volumes of reports through systems being decommissioned must take into account the following transition periods to complete their implementation of API report submission:

  • Suspicious Transaction Reports (until July 3, 2024)
  • Large Cash Transaction Reports (ended November 6, 2023)
  • Large Virtual Currency Transaction Reports (ended November 6, 2023)
  • Electronic Funds Transfer Reports (until August 22, 2024)
  • Casino Disbursement Reports (until August 22, 2024)
Key steps or milestones
Web content

Related links

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