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Updated schedule for changes to FINTRAC’s reporting forms

In an effort to further improve the effectiveness of the Anti-Money Laundering and Anti-Terrorist Financing Regime, three sets of regulatory amendments were published in the Canada Gazette - one on July 10, 2019, another on June 10, 2020, and the most recent one on April 27, 2022.

Implementing the changes to FINTRAC’s reporting forms is a multi-year project. In 2020 and 2021, FINTRAC designed and implemented the new Large Virtual Currency Transaction Report (LVCTR) form. This year, FINTRAC is focusing on updating and modernizing the Large Cash Transaction Report (LCTR) form and the Suspicious Transaction Report (STR) form.

We have published the most recent implementation schedule for these changes below.

Reporting forms implementation schedule

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The diagram is entitled “Delivery schedule”. It is a timeline going from September 2022 to June 2024 divided into three-month periods. Below the timeline, there are activities and their respective milestone dates.

The first activity is the technical implementation of the Large Virtual Cash Transaction Report (LVCTR) API. There are milestones indicating that reporting entities will be able to test report submissions with FINTRAC in October 2022, and the form is fully implemented and available to reporting entities in January of 2023.

The second activity relates to the Large Cash Transaction Report (LCTR). There are two milestones associated with the technical implementation of the LCTR. Reporting entities will be able to test report submissions with FINTRAC in March 2023 and the form will be fully implemented and available to reporting entities in June 2023.

The third set of activities relates to the Suspicious Transaction Report (STR). There are three milestones associated with the implementation of the STR. Form specifications, reporting guidance, validation rules, and API specifications will be provided to all reporting entities in draft format in December 2022. Reporting entities will be able to test report submissions with FINTRAC in June 2023 and the form will be fully implemented and available to reporting entities in September 2023.

The fourth set of activities relates to the Electronic Funds Transfer Report (EFTR). There are three milestones associated with the implementation of the EFTR. Form specifications, reporting guidance, validation rules, and API specifications will be provided to all reporting entities in draft format in July 2023. Reporting entities will be able to test report submissions with FINTRAC in December 2023 and the form will be fully implemented and available to reporting entities in March 2024.

The fifth set of activities relates to the Casino Disbursement Reports (CDR). There are three milestones associated with the implementation of the CDR. Form specifications, reporting guidance, validation rules, and API specifications will be provided to all reporting entities in draft format in September 2023. Reporting entities will be able to test report submissions with FINTRAC in March 2024 and the form will be fully implemented and available to reporting entities in June 2024.

FINTRAC recognizes the need for reporting entities to understand this schedule, and we are committed to ensuring that you are informed promptly of future changes. Changes will be communicated on FINTRAC’s website, as well as through existing working groups. It is important that you check regularly to see if the schedule has been updated.

While we are striving for greater improvements and efficiencies in the development of the reporting forms, FINTRAC cannot guarantee that there will not be future changes to this schedule. However, we will continue to be flexible and use our operational discretion to mitigate current and emerging risks.

FINTRAC acknowledges and thanks the valuable contributions and the ongoing collaboration from the members of the FINTRAC Reporting Working Group (FRWG), and the Guidance and Policy Interpretation Working Group (GPIWG) in the modernization of these forms.

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