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 the new assessment of expenses funding model
- Implementing obligations for armoured cars
- Implementing obligations for the mortgage sector
- Implementing stronger correspondent banking obligations
- Modernizing FINTRAC's reporting forms Updated on October 23, 2023
- Related links
Implementing the new assessment of expenses funding model
- Description of initiative
-
FINTRAC will implement a new funding model that will shift the source of funds for its compliance program from taxpayers to reporting entities.
Starting April 1, 2024, FINTRAC will charge the following reporting entities for the annual cost of its compliance program:
- federally regulated banks, trust and loan companies, and life insurance companies
- other reporting entities that submit 500 or more threshold transaction reports during the fiscal year
This new funding model is a stable, long-term solution that will allow FINTRAC to continue to deliver a robust and risk-based compliance program that remains flexible in light of evolving regulatory requirements while minimizing future resource pressures on taxpayers.
- Initiative status
- In progress
- Timelines
- Effective April 1, 2024
- Key steps or milestones
- Consult legislative and regulatory changes
- Web content
- Charging reporting entities for FINTRAC's compliance program Added on October 12, 2023
- Further reading
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Canada Gazette, Part II, Volume 157, Number 21:
Implementing obligations for armoured cars
- Description of initiative
-
FINTRAC will provide information and adapt registration and reporting tools to assist businesses transporting currency and negotiable instruments (armoured cars) to comply with their new anti-money laundering and anti-terrorist financing obligations starting July 1, 2024.
- Initiative status
- In progress
- Timelines
- To implement by July 2024 when the regulations will come into force.
- Key steps or milestones
-
- February 18, 2023: The Government of Canada published proposed regulations in the Canada Gazette, Part I (Volume 157, Number 7) for consultation, which ended March 20, 2023
- October 11, 2023: The Government of Canada published final regulations in the Canada Gazette, Part II (Volume 157, Number 21)
- Outreach engagement sessions for armoured car businesses (dates to be determined)
- Creating or updating related information and resources for armoured car businesses (dates to be determined, but will be available in advance of the coming into force date)
- July 1, 2024: Coming into force of new Regulations at which time armoured car businesses will need to be registered with FINTRAC and in compliance with the new obligations
- Web content
-
- FINTRAC's requirements applicable to armoured cars Added on October 12, 2023
- 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
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
-
- February 18, 2023: The Government of Canada published proposed regulations in the Canada Gazette, Part I (Volume 157, Number 7) for consultation, which ended March 20, 2023
- October 11, 2023: The Government of Canada published final regulations in the Canada Gazette, Part II (Volume 157, Number 21)
- Outreach engagement sessions for the mortgage sector (dates to be determined)
- Creating or updating related information and resources (dates to be determined, but will be available in advance of the coming into force date)
- October 11, 2024: Coming into force of new Regulations at which time the mortgage sector will be required to comply with the new obligations
- Web content
-
- FINTRAC's requirements applicable to the mortgage sector Added on October 12, 2023
- 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
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
-
- February 18, 2023: The Government of Canada published proposed regulations in the Canada Gazette, Part I (Volume 157, Number 7) for consultation, which ended March 20, 2023
- October 11, 2023: The Government of Canada published final regulations in the Canada Gazette, Part II (Volume 157, Number 21)
- Updating existing guidelines (dates to be determined, but will be available in advance of the coming into force date)
- October 11, 2024: Coming into force of new Regulations
- 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
- In progress
- Timelines
- Consult the schedule to implement changes to FINTRAC's reporting forms Updated on October 23, 2023
- Key steps or milestones Updated on October 23, 2023
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- In an effort to further improve the effectiveness of Canada's anti-money laundering and anti-terrorist financing regime, 3 sets of regulatory amendments were published in the Canada Gazette, Part II, Volume 153, Number 14:
- July 10, 2019: Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, 2019: SOR/2019‑240
- June 10, 2020: Regulations Amending the Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, 2019: SOR/2020‑112
- April 27, 2022: Regulations Amending the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations and the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations: SOR/2022‑76
- In 2020 and 2021, FINTRAC designed and implemented the new Large Virtual Currency Transaction Report form
- In 2022 and 2023, FINTRAC designed and implemented the new Large Cash Transaction Report form
- In October 2023, FINTRAC:
- implemented the FINTRAC API report submission, which allows for the secure system-to-system transfer of:
- Large Cash Transaction Reports
- Large Virtual Currency Transaction Reports
- published new and updated guidance:
- Reporting large cash transaction to FINTRAC
- Reporting large virtual currency transactions to FINTRAC
- Reporting transactions to FINTRAC: The 24-hour rule
- made minor updates to:
- implemented the FINTRAC API report submission, which allows for the secure system-to-system transfer of:
- Between 2023 and 2024, FINTRAC is focusing on updating and modernizing the following forms:
- the Suspicious Transaction Report
- the Electronic Funds Transfer Report
- the Casino Disbursement Report
- In an effort to further improve the effectiveness of Canada's anti-money laundering and anti-terrorist financing regime, 3 sets of regulatory amendments were published in the Canada Gazette, Part II, Volume 153, Number 14:
- Web content Updated on October 23, 2023
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- Draft documents to help you prepare for changes to FINTRAC's reporting forms
- Methods to report to FINTRAC
- Guidance:
- Additional links to new or updated FINTRAC's web content related to this initiative will be posted progressively
Related links
- Date Modified: