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ARTICLE · 28 MAY 2020

FINTRAC: New Guidance On Filing Suspicious Transaction Reports "as Soon As Practicable"

Borden Ladner Gervais LLP
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he Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently provided guidance on how the regulator will interpret the amendment to file suspicious transaction reports (STRs)...

CanadaGovernment, Public Sector
D. Ross McGowan
D. Ross McGowan
Cindy Zhang
Cindy Zhang
Jason Uswak
Jason Uswak
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The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently provided guidance on how the regulator will interpret the amendment to file suspicious transaction reports (STRs) "as soon as practicable". The new threshold will trigger a need for more STR filings and doing so on a more expedited path, failing which reporting entities may find need to justify their delay or face penalties for non-compliance.

This new FINTRAC guidance comes into force on June 1, 2020, as part of the significant changes that were made to Canada's anti-money laundering rules last year. For an overview of the changes introduced last year, please see BLG's article "Financial institution regulation – 2019 year in review".

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