FINTRAC: All Amped Up

On February 8, 2019 the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), in an initiative to increase the transparency of its compliance regime, released new guidance materials to assist regulated entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) in their compliance efforts. While FINTRAC provides that the new materials are not intended to establish any new regulatory requirements or expectations, it is clear from the materials that FINTRAC's expectations go well beyond the legislative requirements.

The package of materials released consists of the following:

1. An overview of FINTRAC's compliance framework
2. FINTRAC's assessment manual (explaining the approach and methods used during examination)