Modernization and upcoming changes impacting reporting entities

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

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.

Components of initiative

Private-to-private information sharing

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

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
Engaging in private-to-private information sharing with other reporting entities is voluntary.
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.
Reporting entities can submit a code of practice to FINTRAC by email.
- Email: codeofpractice-codedepratique@fintrac-canafe.gc.ca
Information on submitting a code of practice has been provided by the Office of the Privacy Commissioner of Canada.
FINTRAC will soon publish guidance and a model code of practice for private-to-private information sharing.

Factors, cheque cashing businesses and financing or leasing entities

On April 1, 2025, obligations came into force for:

factors
cheque-cashing businesses
financing or leasing entities

Beneficial ownership discrepancy reporting

On October 1, 2025, new obligations came 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 circumstances where they assess there is a high risk of a money laundering or terrorist financing offence.

Initiative status

FINTRAC has published guidance for:

In the first year following the coming into force dates, FINTRAC is putting emphasis on engagement, outreach and guidance activities related to new regulatory obligations in order to foster greater awareness and understanding amongst new reporting entities.

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.

Components of initiative

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

On October 1, 2025, the remaining Regulations came into force and will:

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

Initiative status