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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 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

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

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
Web content

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
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 April 19, 2024
Key steps or milestones Updated on April 8, 2024
Web content

Related links

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