Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 28 NOVEMBER 2023

FINTRAC Advisory Concerning Financial Transactions Related To High-Risk Countries Identified By FATF

Goodmans LLP
Explore more from Goodmans LLP

On November 20, 2023, the Financial Transactions and Reports Analysis Centre (FINTRAC) issued an updated advisory (the "Advisory") concerning...

CanadaFinance and Banking
Francy Kussner
Francy Kussner
Author LinkedIn connections

On November 20, 2023, the Financial Transactions and Reports Analysis Centre (FINTRAC) issued an updated advisory (the "Advisory") concerning financial transactions related to countries identified by the Financial Action Task Force (FATF) as high-risk jurisdictions and under increased monitoring.

Background

The Advisory follows two statements recently issued by the FATF:

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article does not constitute legal advice and should not be relied on in that way. Specific advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

2026 Federal Budget: Highlights Affecting Financial Services

The 2026 Federal Budget (“Budget 2026”) proposes to grow the Canadian financial services sector, while introducing multiple checks on possible risks raised by new bank entrants and innovative technology. It also builds out existing policy measures to support digital innovation and combat fraud. There are various other measures that may be of interest to financial service providers in banking, insurance and payments.
CanadaFinance and Banking
Fasken
Fasken
Article

Open Banking Milestone: Draft Supervisory Guidelines For Consumer-Driven Banking Released

The Bank of Canada (the “Bank”) has published two proposed guidelines relating to the accreditation process for prospective participants under the Consumer-Driven Banking Framework: the Participating entity accreditation application requirements under the Consumer-Driven Banking Act (the “Participating Entity Guideline”) and the Third-party service provider accreditation application requirements under the Consumer-Driven Banking Act (the “TPSP Guideline”).
CanadaFinance and Banking
Fasken
Fasken
Article

A New Structure Enters The Ring: CIRO’s Incorporated Approved Person Compensation Proposal

The Canadian Investment Regulatory Organization’s (CIRO) proposed Incorporated Approved Person model could materially change how client-facing advisors structure their businesses and receive compensation with significant impacts to sponsoring firms. The proposed rule amendments, published on July 9, 2026, would introduce a harmonized incorporated compensation option for client-facing Approved Persons across CIRO regulated dealers. Comments are due November 6, 2026.
CanadaFinance and Banking
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

Canada’s Revised AML Framework: Sweeping Penalties And Compliance Requirements

Bill C-12 has fundamentally transformed Canada's anti-money laundering framework by introducing penalties up to forty times higher than previous levels and expanding compliance obligations across the financial sector. The legislation now requires all reporting entities to enroll with FINTRAC and maintain "reasonably designed, risk-based and effective" compliance programs, while imposing cumulative maximum penalties that can reach 3% of global revenue.
CanadaFinance and Banking
Miller Thomson
Miller Thomson
Article

The Regulatory Landscape For Mortgage Services In British Columbia Is About To Change Significantly…

On October 13, 2026, British Columbia’s new Mortgage Services Act, S.B.C. 2022, c. 27 (the “MSA”) will come into force and effect, replacing the longstanding Mortgage Brokers Act, R.S.B.C. ch. 313 (the “MBA”). The MSA introduces a modernized regulatory framework for mortgage service providers, including expanded licensing requirements, increased disclosure obligations, enhanced enforcement tools, and significantly higher penalties for non-compliance.
CanadaFinance and Banking
Watson Goepel LLP
Watson Goepel LLP
Article

Canada’s New Children’s Privacy Code Signals Regulatory Expectations Of Online Services

Canada's Privacy Commissioner has released a comprehensive Children's Privacy Code that interprets how PIPEDA protections apply to minors and establishes new standards for organizations handling children's personal information through online services. The Code introduces age-appropriate consent frameworks, mandatory privacy impact assessments, and strict limitations on data practices that conflict with children's best interests, with a public consultation period open until January 2027.
CanadaPrivacy
Goodmans LLP
Goodmans LLP
Article

Google’s Next Chapter In Wearable Health Tech: The Google Fitbit Air

Google is venturing into new territory with the development of the Fitbit Air, marking a significant evolution in wearable health technology. This advancement represents Google's continued commitment to integrating sophisticated health monitoring capabilities into consumer devices. What innovations will this next-generation wearable bring to the competitive health tech market?
CanadaFood, Drugs, Healthcare, Life Sciences
Goodmans LLP
Goodmans LLP
Article

From Club Penguin To Imagine Island: A New Era Of Children’s Online Gaming

Magic Potion Games, founded by the creators of Club Penguin, has launched Imagine Island, a new online multiplayer game designed for children aged 6-13. With over one million players during beta testing and a successful Series A funding round, the platform prioritizes safety and transparency while preparing for major expansion through entertainment partnerships and paid memberships.
CanadaMedia, Telecoms, IT, Entertainment
Goodmans LLP
Goodmans LLP