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Obligations and guidance

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

This page lists all the guidance on the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and associated Regulations developed by FINTRAC for reporting entities (businesses and individuals).

Note: FINTRAC provides guidance to help individuals and entities understand their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and associated Regulations, including how you may be assessed in an examination. However, this should not be considered to be legal advice. Please refer to the Act and associated Regulations for the full description of your obligations. Consult: FINTRAC’s act and regulations.

On this page

Sector-specific guidance

Select your business sector to find the guidance that applies to you.

Implementing a compliance program

A documented and comprehensive compliance program is the basis of meeting all reporting entity obligations under the Act and associated Regulations.

Knowing your client

Reporting entities must verify the identity of their clients for certain activities and transactions according to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Transaction reporting

You are required to complete reports about certain transactions and property and submit them to FINTRAC. Financial transaction reports are critical to FINTRAC's ability to develop and disseminate financial intelligence.

Suspicious Transaction Report

Suspicious transaction indicators

Sanctions evasion

Listed Person or Entity Property Report

Large Cash Transaction Report

Large Virtual Currency Transaction Report

Electronic Funds Transfer Report

Casino Disbursement Report

24-hour rule

Travel rule

Record keeping

Reporting entities are responsible for keeping certain account, transaction and client identification records. These records are to be kept in such a way that they can be provided to FINTRAC within 30 days upon request.

Other requirements

Money services business or foreign money services business registration

Before beginning to operate in Canada, you must register your business with FINTRAC.

Prepaid payment product

Financial entities (including life insurance companies and entities that are life insurance brokers and agents) have prepaid payment product requirements when they offer such products to the public and maintain related accounts.

Correspondent banking relationship

If your business enters into a correspondent banking relationship with a foreign financial institution, you have specific obligations related to this agreement.

Foreign branches, foreign subsidiaries and affiliates

If you have foreign branches, foreign subsidiaries or affiliates, you have to develop policies to establish requirements with respect to record keeping and retention, and client identification.

Ministerial directives

Directives issued by the Minister of Finance for reporting entities to apply countermeasures to transactions coming from or going to designated foreign jurisdictions or entities; as well as the introduction of regulations to restrict financial transactions coming from or going to designated foreign jurisdictions or entities.

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