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Canada’s Financial Intelligence Unit Rolls Out New Rules for Financial Transactions

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The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the country’s financial intelligence unit, has introduced new regulations to combat money laundering and terrorist financing. The centre’s mandate is to detect, prevent, and deter these illicit activities while protecting personal information.

Scams Alert

Fraudsters often attempt to imitate government services to gain access to personal and financial data. FINTRAC has been misrepresented in scams and fraud attempts, warning the public to be cautious.

Online Systems Now Available

FINTRAC’s online systems are now available for submitting:

  • Suspicious Transaction Reports
  • Large Cash Transaction Reports
  • Large Virtual Currency Reports
  • Electronic Funds Transfer Reports
  • Casino Disbursement Reports

The centre is implementing new reporting systems in a phased approach.

Businesses Required to Register with FINTRAC

Money services businesses must register with FINTRAC to comply with anti-money laundering and terrorist financing regulations. The centre provides guidance and resources for businesses, including:

  • Sector-specific guidelines
  • Notices and advisories

Legislation and Regulations

The Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations govern financial transactions in Canada. Businesses must ensure compliance with these laws to avoid penalties.

Investigations and Intelligence Sharing

FINTRAC provides:

  • Investigation support
  • Shares intelligence with law enforcement agencies

to combat money laundering and terrorist financing. The centre’s analysis team works closely with authorities to build cases against perpetrators.

Public Education

FINTRAC educates the public on:

  • Identifying suspicious financial transactions
  • Recognizing politically exposed persons
  • Understanding what information is reported to the centre

The centre also provides guidance on:

  • Conducting transactions with money services businesses
  • Reporting suspicions of money laundering or terrorist activity financing

Contact FINTRAC

For more information on FINTRAC’s rules for financial transactions in Canada, visit [website URL] or contact the centre directly.