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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 Budget 2024 amendments

Description of initiative

On March 26, 2025, the Government of Canada published new Regulations in the Canada Gazette, Part II, that create obligations for businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations and the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations. These measures were initially proposed in the Budget 2024 to strengthen Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime.

FINTRAC will provide information and adapt reporting tools to assist businesses subject to the Act in complying with obligations relating to these amendments as they come into force.

Initiative status

In progress

Timelines

Private-to-private information sharing between reporting entities is now in force.

  • This allows reporting entities to share information with each other to more effectively detect and deter money laundering, terrorist financing and sanctions evasion, while maintaining privacy protections for personal information
  • Information sharing between reporting entities has been recognized by the Financial Action Task Force (FATF) as an important tool for disrupting money laundering and terrorist financing
  • To engage, a code of practice must be submitted to FINTRAC for possible review and comment, as well as the Office of the Privacy Commissioner of Canada for approval.
  • Information has been provided by the Office of the Privacy Commissioner of Canada.

As of April 1, 2025, additional obligations will come into force to:

  • introduce anti-money laundering and anti-terrorist financing obligations for factors
  • introduce anti-money laundering and anti-terrorist financing obligations for cheque-cashing businesses
  • introduce anti-money laundering and anti-terrorist financing obligations for financing or leasing entities

On October 1, 2025, new obligations will come into force to:

  • strengthen corporate beneficial ownership transparency by implementing a requirement for reporting entities to report material discrepancies between their records and a company’s registry filings to the federal beneficial ownership registry administered by Corporations Canada, in in circumstances where they assess there is a high risk of a money laundering or terrorist financing offence

In the first year following the coming into force dates, FINTRAC will put emphasis on engagement, outreach and guidance activities related to new regulatory obligations in order to foster greater awareness and understanding amongst new reporting entities. This will include industry consultation to develop guidance so new reporting entities will be well positioned to implement and mature their compliance programs.

Key steps or milestones

FINTRAC has published guidance for:

  • factors
  • cheque-cashing businesses as money services businesses
  • financing or leasing entities

FINTRAC will publish all guidance on our website by Fall of 2025.

FINTRAC will also engage with the new reporting entities to help them understand their obligations.

Web content

Guidance for new reporting entities

Further reading:

Implementing Budget 2023 and Fall Economic Statement 2023 amendments

Description of initiative

On January 1, 2025, the Government of Canada published new Regulations in the Canada Gazette, Part II, that modify obligations for businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act). These measures were initially proposed in the Budget 2023 and Fall Economic Statement 2023 to strengthen Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime.

FINTRAC will provide information and adapt reporting tools to assist businesses subject to the Act in complying with obligations relating to these amendments as they come into force.

Initiative status

In progress

Timelines

On January 1, 2025, technical amendments to the Casino Disbursement Report came into force when the Regulations were published.

On March 1, 2025, the reporting of sanctioned property related information under the United Nations Act comes into force.

As of October 1, 2025, the remaining Regulations will come into force and act to:

  • strengthen the registration framework for money services businesses
  • allow agents or mandataries to be used when verifying the identity of corporations and other entities
  • create an obligation for real estate sales representatives and brokers to verify the identity of unrepresented parties, keep an information record and make the associated third party determination for these parties in real estate transactions
  • create obligations for acquirers of private automated banking machines and title insurers
  • require the reporting of sanctioned property related information under the Special Economic Measures Act and the Justice for Victims of Corrupt Foreign Officials Act
Key steps or milestones
  • FINTRAC will update existing guidance to integrate information on the following measures:
    • strengthened money services business registration requirements
    • identification of unrepresented parties in real estate transactions
  • FINTRAC will publish updated guidance and a fillable reporting form to help businesses subject to the Act report sanctioned property
  • FINTRAC will publish an overview of obligations for acquirers of private automated banking machines and title insurers in early 2025, and comprehensive guidance for these sectors by October 2025
Web content

Additional links to new or updated FINTRAC’s web content related to this initiative will be posted progressively prior to the coming into force date.

Reporting listed persons or entities:

Further reading:

Implementing online systems

Description of initiative

As part of FINTRAC’s modernization efforts, API report submission and the FINTRAC Web Reporting System have been implemented and are available for reporting entities to submit Suspicious Transaction Reports, Electronic Funds Transfer Reports, Large Cash Transaction Reports, Casino Disbursement Reports and Large Virtual Currency Transaction Reports.

Initiative status

Completed

Key steps or milestones

The status of each initiative is updated as it becomes available.

  • FINTRAC Web Reporting System:
    • In progress: Actively processing new enrollment requests
    • Completed: Provide access to enrolled users
    • Completed: Integration of Suspicious Transaction Report, Electronic Funds Transfer Report, Large Cash Transaction Report, Casino Disbursement Report and Large Virtual Currency Transaction Report forms
    • Completed: Implementation of organization management functionality for reporting locations and user roles (verification and submission officer and data entry officer)
    • Ongoing: System improvements
  • Money services business registration:
    • Completed: Web form for money services businesses to initiate renewals, information changes and cessations for existing registrations
    • Completed: Online money services businesses registry for updated information on the most recent registration status of money services businesses
    • Completed: Web form to initiate pre-registration of money services businesses

FINTRAC is actively processing new money services business registration requests and responding to requests received in a phased approach.

Web content

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

Related links

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