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Charging reporting entities for FINTRAC's compliance program

Learn about the assessment of expenses funding model implemented by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to charge reporting entities (businesses and individuals) for the annual cost of its compliance program.

On April 1, 2024, the funding of FINTRAC's compliance program shifted from taxpayers to reporting entities subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

Assessment of expenses funding model

Legislative and regulatory changes

Key milestones to implementing the assessment of expenses funding model for FINTRAC's compliance program

Development and administration of the funding model

Development and administration of the assessment of expenses funding model, including guiding principles; annual meeting on FINTRAC's compliance program; annual reporting requirement; and evaluation and enhancement of the model

Reporting entities subject to charges

Types of reporting entities that FINTRAC charges for the annual cost of its compliance program

Components of the method for charging reporting entities

Components and factors involved in the overall method that FINTRAC uses to charge reporting entities, and how to estimate charges

Determination of charges by type of reporting entity

Different approaches that FINTRAC uses to charge specific types of reporting entities

Invoice and payment

Invoice details and recommended payment method

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

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