{"id":15307,"date":"2024-09-19T18:19:18","date_gmt":"2024-09-19T18:19:18","guid":{"rendered":"https:\/\/canadianjewellers.com\/mises-a-jour-du-canafe\/"},"modified":"2026-04-15T18:46:29","modified_gmt":"2026-04-15T18:46:29","slug":"mises-a-jour-du-canafe","status":"publish","type":"page","link":"https:\/\/canadianjewellers.com\/fr\/mises-a-jour-du-canafe\/","title":{"rendered":"MISES \u00c0 JOUR DU CANAFE"},"content":{"rendered":"\t\t
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Mises \u00e0 jour de CANAFE<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Consultez ci-dessous les mises \u00e0 jour concernant les membres de la CJA, publi\u00e9es par ordre chronologique, les plus r\u00e9centes en haut de la page. Ces mises \u00e0 jour ont \u00e9t\u00e9 fournies par le gouvernement du Canada.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Mises \u00e0 jour de CANAFE (en)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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FINTRAC publishes a video on compliance obligations<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has published a video that provides an overview of its mandate and explains key compliance obligations under the\u00a0Proceeds of Crime (Money Laundering) and Terrorist Financing Act<\/em>\u00a0(the Act) and associated Regulations.<\/p>

This video will particularly help new businesses subject to the Act understand their obligations.<\/p>

Consult:\u00a0FINTRAC: An introduction for reporting entities.<\/a><\/strong><\/p>

This video covers:
\u2022 FINTRAC\u2019s mandate
\u2022 Money laundering, terrorist financing and sanctions evasion
\u2022 FINTRAC\u2019s risk and supervisory frameworks
\u2022 Compliance program
\u2022 Know your client
\u2022 Reporting obligations
\u2022 Record keeping
\u2022 Registration as a money services business or foreign money services business
\u2022 Ministerial directives
\u2022 Enforcement activities and administrative monetary penalties<\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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FINTRAC imposes an administrative monetary penalty on Griffin Jewellery Designs Inc.<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

FINTRAC announced today that it has imposed an administrative monetary penalty on Griffin Jewellery Designs Inc. Following a compliance examination, Griffin Jewellery Designs Inc., a full-service jewellery retailer with 21 locations across Ontario, Nova Scotia and New Brunswick, was imposed an administrative monetary penalty of $77,137.50 on October 17, 2025, for non-compliance with Part 1 of the\u00a0Proceeds of Crime (Money Laundering) and Terrorist Financing Act<\/em>\u00a0and associated Regulations.<\/p>

News release:\u00a0https:\/\/fintrac-canafe.canada.ca\/new-neuf\/nr\/2025-12-04-eng<\/a><\/strong>
Public notice:\u00a0https:\/\/fintrac-canafe.canada.ca\/pen\/amps\/pen-2025-12-04-eng<\/a><\/strong><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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FINTRAC Advisory<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

In order to protect the international financial system from money laundering and terrorist financing risks, the Financial Action Task Force (FATF) issued a statement on high-risk jurisdictions subject to a call for action and a statement on jurisdictions under increased monitoring. Businesses must consider this information and report transactions to FINTRAC as required.<\/p>

Consult the full text of the advisory at the following link:\u00a0https:\/\/fintrac-canafe.canada.ca\/notices-avis\/avs\/2025-11-28-eng<\/a><\/strong><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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FINTRAC updates its guidance and publishes bribery and corruption indicators<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) updated its guidance on politically exposed persons and heads of international organizations to provide greater clarity on bribery and corruption risks associated with these individuals.<\/p>

FINTRAC also published money laundering indicators to assist businesses in identifying and reporting suspicious transactions related to bribery and corruption.<\/p>

Bribery and corruption represent significant risks to the integrity of financial systems and the global economy. As part of their risk assessment, businesses subject to the\u00a0Proceeds of Crime (Money Laundering) and Terrorist Financing Act<\/em>\u00a0must determine when they may be required to submit suspicious transaction reports and listed person or entity property reports.<\/p>

For more information, consult:
\u2022\u00a0Guidance: Politically exposed persons and heads of international organizations<\/a><\/strong>
\u2022\u00a0Transaction reporting \u2013 Suspicious transaction indicators<\/a><\/strong><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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FINTRAC publishes important updates to its guidance related to the Ministerial Directive on the Islamic Republic of Iran<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

Canada\u2019s Minister of Finance updated the\u00a0<\/strong>Ministerial Directive on the Islamic Republic of Iran<\/strong><\/a>, which took effect on November 15, 2025.<\/p>

Guidance related to this Ministerial Directive is now available on the Financial Transactions and Reports Analysis Centre of Canada\u2019s (FINTRAC) website to help businesses subject to the\u00a0Proceeds of Crime (Money Laundering) and Terrorist Financing Act<\/em>\u00a0(the Act) and associated Regulations comply with their obligations.<\/p>

FINTRAC\u2019s guidance includes the following updates:<\/p>

\u2022 All businesses subject to the Act are required to report every financial transaction to or from Iran regardless of its amount
\u2022 Risk assessment of a sanctions evasion offence
\u2022 New correspondent banking relationship requirements<\/p>

Consult:\u00a0FINTRAC guidance related to the Ministerial Directive on Financial Transactions Associated with the Islamic Republic of Iran.<\/a><\/strong><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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FINTRAC publishes guidance on private-to-private information sharing<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published new guidance for businesses subject to the\u00a0Proceeds of Crime (Money Laundering) and Terrorist Financing Act<\/em>\u00a0(the Act) on private-to-private information sharing.<\/p>

Under certain conditions, businesses subject to the Act can share personal information with each other to more effectively detect and deter money laundering, terrorist activity financing and sanctions evasion, while maintaining privacy protections for personal information. Engaging in private-to-private information sharing with other reporting entities is\u00a0voluntary.<\/strong><\/p>

A code of practice outlining and explaining how entities comply with private-to-private information sharing must be submitted to FINTRAC for review and to the Office of the Privacy Commissioner of Canada for approval.<\/p>

For more information:<\/p>

\u2022\u00a0Guidance: Private-to-private information sharing<\/a><\/strong>
\u2022\u00a0Model Code of practice<\/a><\/strong>
\u2022 \u00a0\u00a0Submit a code of practice under the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations<\/a>\u00a0<\/strong>(Office of the Privacy Commissioner of Canada)<\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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FINTRAC publishes its 2024\u201325 Annual Report<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

FINTRAC today published its 2024\u201325 Annual Report, Safe Canadians, Secure Economy, which describes the critical impact the Centre is having in helping to protect the safety of Canadians, particularly Canada\u2019s most vulnerable citizens and communities, and the integrity of Canada\u2019s financial system.<\/p>

News release:\u00a0https:\/\/fintrac-canafe.canada.ca\/new-neuf\/nr\/2025-10-30-eng<\/a><\/strong>
Annual Report:\u00a0https:\/\/fintrac-canafe.canada.ca\/publications\/ar\/2025\/1-eng<\/a><\/strong><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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FINTRAC imposes an administrative monetary penalty on HRA Group Holdings<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

FINTRAC announced today that it has imposed an administrative monetary penalty on HRA Group Holdings, also operating as HRA Group. Following a compliance examination, this dealer in precious metals and stones, headquartered in Vancouver, British Columbia, was imposed an administrative monetary penalty of $132,000 on June 2, 2025, for non-compliance with Part 1 of the\u00a0Proceeds of Crime (Money Laundering) and Terrorist Financing Act<\/em>\u00a0and associated Regulations.<\/p>

News release:\u00a0https:\/\/fintrac-canafe.canada.ca\/new-neuf\/nr\/2025-10-02-eng<\/a><\/strong>
Public notice:\u00a0https:\/\/fintrac-canafe.canada.ca\/pen\/amps\/pen-2025-10-02-eng<\/a><\/strong><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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Regulations in force as of October 1, 2025<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) updated its guidance for businesses subject to the\u00a0Proceeds of Crime (Money Laundering) and Terrorist Financing Act<\/em>\u00a0(the Act) as regulations come into force on October 1, 2025.<\/p>

Money services businesses and foreign money services businesses<\/h3>

As of October 1, 2025, money services businesses and foreign money services businesses must verify the eligibility of agents or mandataries that delivers money services business services on their behalf, including through criminal record checks.<\/p>

For more information, refer to FINTRAC\u2019s guidance:\u00a0Money services businesses<\/a><\/strong>\u00a0and\u00a0Register your money services business (MSB) or your foreign money services business (FMSB).<\/a><\/strong><\/p>

Beneficial ownership requirements and Beneficial Ownership Discrepancy Report<\/h3>

As of October 1, 2025, businesses subject to the Act must consult Corporations Canada\u2019s database for corporations incorporated under the\u00a0Canada Business Corporations Act<\/em>\u00a0they assessed as high risk. They are also required to submit a Beneficial Ownership Discrepancy Report to Corporations Canada when there is a material discrepancy between the beneficial ownership information they obtained and the individuals with significant control information available in the database.<\/p>

For more information, refer to FINTRAC\u2019s guidance:\u00a0Beneficial ownership requirements.<\/a><\/strong><\/p>

Listed Person or Entity Property Report<\/h3>

As of October 1, 2025, businesses subject to the Act must submit a Listed Person or Entity Property Report to FINTRAC when they are required to make a disclosure under the\u00a0Special Economic Measures Act<\/em>\u00a0or the\u00a0Justice for Victims of Corrupt Officials Act<\/em>\u00a0to disclose the existence of property in their possession or control that is owned, held or controlled by or on behalf of a listed person or foreign national.<\/p>

This is in addition to the requirement, since March 2, 2025, to submit a Listed Person or Entity Property Report to FINTRAC when they are required to make a disclosure under the\u00a0United Nations Act<\/em>\u00a0or the\u00a0Criminal Code<\/em>.<\/p>

For more information, refer to FINTRAC\u2019s guidance:\u00a0Reporting listed person or entity property to FINTRAC.<\/a><\/strong><\/p>

Other changes in force<\/h3>

As a reminder, as of October 1, 2025:
\u2022 Title insurers and acquirer services in relation to private automated banking machines must fulfill obligations under the Act and associated Regulations
\u2022 Businesses subject to the Act can use an agent or a mandatary to verify the identity of a corporation or an entity on their behalf
\u2022 Real estate sales representatives and brokers must verify the identity of unrepresented parties, keep records and make the associated third party determination for these parties in real estate transactions<\/p>

For an overview of all the important changes and updates, consult:\u00a0Modernization and upcoming changes impacting reporting entities.<\/a><\/strong><\/p>

For questions, please contact FINTRAC by telephone at 1-866-346-8722 (toll-free) or by email at\u00a0guidelines-lignesdirectrices@fintrac-canafe.gc.ca.<\/a><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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FINTRAC imposes an administrative monetary penalty on Spence Diamonds Ltd.<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

FINTRAC announced today that it has imposed an administrative monetary penalty on\u00a0Spence<\/span>\u00a0Diamonds Ltd., also operating as\u00a0Spence<\/span>\u00a0Diamonds. Following a compliance examination, this dealer in precious metals and precious stones with locations in Vancouver, Langley, Calgary, Edmonton, Mississauga, Vaughan, Scarborough and Ottawa, was imposed an administrative monetary penalty of $264,000 on May 8, 2025, for non-compliance with Part 1 of the\u00a0Proceeds of Crime (Money Laundering) and Terrorist Financing Act<\/em>\u00a0and associated Regulations.<\/p>

News release:\u00a0https:\/\/fintrac-canafe.canada.ca\/new-neuf\/nr\/2025-09-23-eng<\/a><\/strong>
Public notice:\u00a0https:\/\/fintrac-canafe.canada.ca\/pen\/amps\/pen-2025-09-23-eng<\/a><\/strong><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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FINTRAC updates guidance in relation to client identification<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

All businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) must verify their clients\u2019 identity.<\/p>

Verifying the identity of a person or an entity removes the anonymity from financial transactions and is one of the most important ways to protect Canada\u2019s financial system from money laundering, terrorist activity financing and sanctions evasion.<\/p>

As new regulations in relation to client identification come into force on October 1, 2025, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) updated its guidance on the use of an agent or mandatary and its guidance on unrepresented parties in real estate transactions.<\/p>

All sectors \u2013 Use of an agent or mandatary
Starting October 1, 2025, businesses subject to the Act can use an agent or a mandatary to verify the identity of a corporation or an entity on their behalf. Prior to October 1, 2025, using an agent or a mandatary could only be relied on when verifying the identity of a person.<\/p>

For more information, refer to FINTRAC\u2019s guidance:\u00a0Methods to verify the identity of persons and entities.<\/strong><\/a><\/p>

Real estate sector \u2013 Unrepresented parties
Starting October 1, 2025, real estate sales representatives and brokers must verify the identity of unrepresented parties, i.e., any party who takes part in a purchase or sale of real estate and is not represented by a real estate broker or sales representative. Real estate brokers and sales representatives must keep an information record on unrepresented parties and make the associated third party determination for these parties in real estate transactions.<\/p>

For more information, refer to FINTRAC\u2019s guidance:<\/p>

\u2022 \u00a0\u00a0When to verify the identity of persons and entities \u2013 Real estate brokers or sales representatives, and real estate developers<\/a><\/strong>
\u2022 \u00a0\u00a0Record keeping requirements for real estate brokers or sales representatives, and real estate developers<\/a><\/strong><\/p>

A video series on prescribed methods that can be used to verify the identity of a person or an entity is available on FINTRAC\u2019s website at:\u00a0Videos: learning resources.<\/strong><\/a><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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Publication of the 2025 Assessment of Money Laundering and Terrorist Financing Risks in Canada<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

The Government of Canada published its\u00a02025 Assessment of Money Laundering and Terrorist Financing Risks in Canada<\/a><\/em><\/strong>, also referred to as the National Risk Assessment, which provides a comprehensive analysis of the most significant money laundering and terrorist financing threats and vulnerabilities in Canada.<\/p>

Businesses subject to the\u00a0Proceeds of Crime (Money Laundering) and Terrorist Financing Act<\/em>\u00a0are expected to use the National Risk Assessment to inform their risk-based approach and implement mitigation measures to address these threats and vulnerabilities.<\/p>

To further assist businesses in meeting their obligations, the Financial Transactions and Reports Analysis Centre of Canada published a quick reference to key information on how to use the National Risk Assessment to maintain effective compliance programs:\u00a0Assessment of money laundering and terrorist financing risks in Canada.<\/a><\/strong><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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FINTRAC publishes its supervisory framework and updates its administrative monetary penalties policy<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

The Financial Transactions and Reports Analysis Centre of Canada published its supervisory framework. The framework guides the Centre\u2019s supervisory activities that are conducted to ensure compliance with the\u00a0Proceeds of Crime (Money Laundering) and Terrorist Financing Act<\/em>\u00a0and associated Regulations.<\/p>

FINTRAC\u2019s supervisory framework describes in more detail the following components:<\/p>

\u2022 Guiding principles
\u2022 Risk framework and supervisory strategic plan
\u2022 Pillars of supervision<\/p>

Consult the framework at:\u00a0FINTRAC\u2019s supervisory framework.<\/a><\/strong><\/p>

FINTRAC also updated its administrative monetary penalties policy to provide greater clarity on the Centre\u2019s approach to assessment and enforcement. It includes the following updates:<\/p>

\u2022 A notice of violation may be issued directly following certain assessment activities, without the prior issuance of a separate findings letter.
\u2022 Reductions in penalties are considered on a case-by-case basis and are not automatically applied.
\u2022 FINTRAC carefully considers the specific circumstances of each voluntary self-declaration of non-compliance when deciding the appropriate course of action to address the non-compliance.<\/p>

For more information, consult:\u00a0Administrative monetary penalties<\/strong>\u00a0policy<\/strong><\/a>\u00a0and\u00a0Voluntary self-declaration of non-compliance.<\/a><\/strong><\/p>

For questions, please contact FINTRAC by telephone at 1-866-346-8722 (toll-free) or by email at\u00a0guidelines-lignesdirectrices@fintrac-canafe.gc.ca.<\/a><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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FINTRAC publishes a Special Bulletin on financial activity of suspected evasion of counter proliferation-related sanctions<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

FINTRAC published today a\u00a0Special Bulletin on financial activity of suspected evasion of counter proliferation-related sanctions<\/a><\/strong>\u00a0to increase the awareness and understanding of Canadian businesses about the characteristics of financial transactions that may be associated with the suspected evasion of sanctions related to counter proliferation.<\/p>

This Special Bulletin can be used by Canadian businesses to identify and assess their money laundering, terrorist activity financing and sanctions evasion risks, apply controls and measures to mitigate these risks, and effectively detect and report suspicious transactions to FINTRAC.<\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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FINTRAC advisory: Financial transactions related to countries identified by the Financial Action Task Force<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

n order to protect the international financial system from money laundering and terrorist financing risks, the Financial Action Task Force (FATF) issued a statement on high-risk jurisdictions subject to a call for action and a statement on jurisdictions under increased monitoring. Businesses must consider this information and report transactions to FINTRAC as required.<\/p>

Consult the full text of the advisory at the following link:\u00a0https:\/\/fintrac-canafe.canada.ca\/notices-avis\/avs\/2025-07-02-eng<\/strong><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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Operational brief: Risks and indicators for dealers in precious metals and stones<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

This operational brief provides information and guidance about the factors that expose individuals and entities (both retailers and wholesalers\/suppliers) that are dealers in precious metals and stones to money laundering and terrorist financing risks. The brief also includes indicators to help such dealers determine when they should report a suspicious transaction to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).<\/p>

READ MORE<\/a><\/strong><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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FINTRAC publishes the webinar recording on Sanctions evasion, property reporting and the fight against illegal fentanyl financing<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published a recording of a webinar held in March 2025 on the reporting requirements relating to sanctions evasions and sanctioned property, and on the fight against illegal fentanyl financing.<\/p>

Webinar recording:<\/strong>\u00a0Sanctions evasion, property reporting and the fight against illegal fentanyl financing<\/a><\/p>

The webinar was held to help businesses understand obligations relating to Canada\u2019s sanctions regime, and how to report sanctions evasion-related transactions and property associated to a listed person or entity to FINTRAC.<\/p>

\u2022 Since March 2, 2025, businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act<\/em>\u00a0must submit a Listed Person or Entity Property Report to FINTRAC when they are required to make a disclosure under the\u00a0United Nations Act<\/em>.
\u2022 Starting October 1, 2025, businesses will also need to submit a Listed Person or Entity Property Report to FINTRAC when required to make a disclosure under the Special Economic Measures Act<\/em>\u00a0or the\u00a0Justice for Victims of Corrupt Officials Act<\/em>.<\/p>

For more information, consult:\u00a0Reporting listed person or entity property to FINTRAC.<\/a><\/strong><\/p>

These requirements are in addition to the obligation to report transactions where there are reasonable grounds to suspect that they are related to sanctions evasion. Businesses must report these transactions using the Suspicious Transaction Report.<\/p>

For more information, consult:\u00a0Report suspected sanctions evasion.<\/a><\/strong><\/p>

Additional resources:
\u2022\u00a0Video 1 \u2013 The importance of suspicious transaction reports<\/a><\/strong>
\u2022\u00a0Video 2 \u2013 Understanding reasonable grounds to suspect<\/a><\/strong>
\u2022\u00a0Video 3 \u2013 What to consider when submitting a suspicious transaction report<\/a><\/strong><\/p>

For questions, please contact FINTRAC by telephone at 1-866-346-8722 (toll-free) or by email at\u00a0guidelines-lignesdirectrices@fintrac-canafe.gc.ca.<\/a><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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Publication of new Regulations<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

Publication of new Regulations<\/strong><\/p>

On March 26, 2025, the Government of Canada published new Regulations in the\u00a0Canada Gazette<\/em>, Part II that create new obligations under the\u00a0Proceeds of Crime (Money Laundering) and Terrorist Financing Act<\/em>\u00a0(the Act) and associated Regulations for factors, cheque cashers and financing or leasing entities.<\/p>

The Regulations will also allow businesses subject to the Act to disclose information between each other to facilitate the detection and deterrence of money laundering, terrorist financing and sanctions evasion and strengthen corporate beneficial ownership transparency.<\/p>

Obligations for factors, cheque cashers and financing or leasing entities<\/strong><\/p>

Starting April 1, 2025, factors, cheque cashers and financing or leasing entities must fulfill obligations under the Act and associated Regulations. To assist these sectors in understanding and complying with their obligations under the Act, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published new guidance:<\/p>

\u2022 \u00a0Factors<\/a><\/strong>
\u2022 \u00a0Cheque cashers<\/a><\/strong>
\u2022\u00a0\u00a0Financing or leasing entities<\/a><\/strong><\/p>

Private-to-private information sharing<\/strong><\/p>

Businesses subject to the Act can now disclose information between each other to more effectively detect and deter money laundering, terrorist financing and sanctions evasion, while maintaining privacy protections for personal information. Businesses must first develop and submit for review by FINTRAC and approval to the Office of the Privacy Commissioner of Canada a code of practice outlining conditions under which they may disclose personal information.<\/p>

For more information:
\u2022\u00a0Modernization and upcoming changes impacting reporting entities<\/a><\/strong>
\u2022\u00a0Submit a code of practice under the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations<\/a><\/strong>\u00a0(Office of the Privacy Commissioner website)<\/p>

Corporate beneficial ownership<\/strong><\/p>

Starting October 1, 2025, the Regulations will require businesses subject to the Act to report material discrepancies between their records and a company\u2019s registry filings to the federal beneficial ownership registry maintained by Corporations Canada in circumstances where they assess there is a high risk of a money laundering or terrorist financing offence. FINTRAC will communicate more information and guidance on these changes in advance of the coming-into-force date.<\/p>

Consult the Regulations:<\/strong><\/p>

SOR\/2025-68 \u2013\u00a0Canada Gazette, Part II, Volume 159, Number 7: 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<\/a><\/strong>
SOR\/2025-67 \u2013\u00a0Canada Gazette, Part II, Volume 159, Number 7: Proceeds of Crime (Money Laundering) and Terrorist Financing Reporting of Goods Regulations<\/a><\/strong><\/p>

For questions, please contact FINTRAC by telephone at 1-866-346-8722 (toll-free) or by email at\u00a0guidelines-lignesdirectrices@fintrac-canafe.gc.ca.<\/a><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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FINTRAC publishes an advisory and important updates to its guidance related to Ministerial directives<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

Canada\u2019s Minister of Finance has updated the existing Ministerial directives on countermeasures to apply to transactions coming from or going to the Democratic People\u2019s Republic of Korea and Russia. Both directives take effect March 22, 2025.<\/p>

Guidance related to these Ministerial directives is now available on the Financial Transactions and Reports Analysis Centre of Canada\u2019s (FINTRAC) website to help businesses subject to the\u00a0Proceeds of Crime (Money Laundering) and Terrorist Financing Act<\/a><\/em>\u00a0(the Act) and associated Regulations comply with their requirements.<\/p>

Both directives apply to all businesses subject to the Act. FINTRAC\u2019s guidance explains the requirements for these businesses and includes the following updates:<\/p>

\u2022 Risk assessment of a sanctions evasion offence (Ministerial Directive on the Democratic People\u2019s Republic of Korea)
\u2022 New correspondent banking relationship requirements (both directives)<\/p>

Links:
\u2022\u00a0FINTRAC guidance relating to the Ministerial Directive on the Democratic People\u2019s Republic of Korea (DPRK) issued on December 9, 2017<\/a><\/strong>
\u2022\u00a0FINTRAC guidance related to the Ministerial Directive on Financial Transactions Associated with Russia issued on February 24, 2024<\/a><\/strong><\/p>

For questions, please contact FINTRAC by telephone at 1-866-346-8722 (toll-free) or by email at\u00a0guidelines-lignesdirectrices@fintrac-canafe.gc.ca<\/a>.<\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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Important Notice: FINTRAC Reporting Deadline \u2013 March 31, 2025New guidance and report form: terrorist and sanctioned property<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published new guidance and a report form for businesses subject to the\u00a0Proceeds of Crime (Money Laundering) and Terrorist Financing Act<\/em>\u00a0(the Act) to report terrorist and sanctioned property-related information.<\/p>

Guidance:\u00a0Reporting listed person or entity property to FINTRAC<\/a><\/strong>
Report form:\u00a0Listed Person or Entity Property Report<\/a><\/strong><\/p>

The guidance provides details on how to report property associated to a terrorist group or sanctioned person or entity, replacing the previous guidance: Reporting terrorist property to FINTRAC. The form also replaces the Terrorist Property Report form.<\/p>

Listed persons and entities under the\u00a0United Nations Act<\/em><\/strong><\/p>

Starting March 2, 2025, businesses must submit a Listed Person or Entity Property Report to FINTRAC when they are required to make a disclosure under the\u00a0United Nations Act<\/em>\u00a0to disclose the existence of property in their possession or control that is owned, held, or controlled by or on behalf of a designated person. Businesses must familiarize themselves with the disclosure thresholds provided for in each order or regulation.<\/p>

Listed persons and entities under the\u00a0Special Economic Measures Act<\/em>\u00a0and the\u00a0Justice for Victims of Corrupt Foreign Officials Act<\/em><\/strong><\/p>

Starting October 1, 2025, businesses must submit a Listed Person or Entity Property Report to FINTRAC when they are required to make a disclosure under the\u00a0Special Economic Measures Act<\/em>\u00a0or the\u00a0Justice for Victims of Corrupt Officials Act<\/em>\u00a0to disclose the existence of property in their possession or control that is owned, held or controlled by or on behalf of a listed person or foreign national. Businesses must familiarize themselves with the disclosure thresholds provided for in each order or regulation.<\/p>

These requirements are in addition to longstanding obligations to report to FINTRAC terrorist property and transactions where there are reasonable grounds to suspect that they are related to sanctions evasion.<\/p>

Additional resources:
\u2022\u00a0Report suspected sanctions evasion<\/a><\/strong>
\u2022\u00a0Listed persons, mistaken identity and delisting<\/a>\u00a0<\/strong>(Global Affairs Canada)
\u2022\u00a0Canadian sanctions<\/a><\/strong>\u00a0(Global Affairs Canada)<\/p>

For questions, please contact FINTRAC by telephone at 1-866-346-8722 (toll-free) or by email at\u00a0guidelines-lignesdirectrices@fintrac-canafe.gc.ca.<\/a><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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Important Notice: FINTRAC Reporting Deadline \u2013 March 31, 2025<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\t

Do you have any reports that have to be filed with FINTRAC and you were unable to\u00a0due to the FINTRAC cyber incident ?<\/p>

Due to the March 2024 FINTRAC cyber incident, certain reporting functionalities were\u00a0temporarily unavailable. FINTRAC has now confirmed that the deadline to submit\u00a0backlog reports is March 31, 2025.<\/p>

The affected reports may include:<\/p>