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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 reporting 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.

The FINTRAC Web Reporting System is available for enrolled entities and service providers to submit Suspicious Transaction Reports, Electronic Funds Transfer Reports, Large Cash Transaction Reports, Casino Disbursement Reports and Large Virtual Currency Transaction Reports.

Initiative status

In progress

Timelines

FINTRAC is currently working on the following priority systems:

  • FINTRAC Web Reporting System (In progress)
  • Money services business registration (Completed)
  • Report upload for financial transaction reports identified and documented by reporting entities during the system outage (Completed)
Key steps or milestones

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

  • FINTRAC Web Reporting System:
    • 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 report upload function to allow former CloudMask users to submit financial transaction reports that were identified and documented during the system outage period beginning March 2, 2024
    • 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.

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

Related links

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