Guide · sent by email
What FINTRAC expects of a reporting entity.
For Canadian businesses that are caught by the Act and have to show a program.
What is in it
First: are you a reporting entity, and which kind.
Everything else depends on this answer, and it is not a judgement call. The Act lists the persons and entities it applies to [PCMLTFA, s. 5], and the list is by category: financial entities, money services businesses, life insurance, securities dealers, casinos, real estate, accountants, dealers in precious metals and stones, and others. Your category decides which reporting and record-keeping rules attach to you.
- Whether you are a reporting entity, and why that answer changes everything below it
- The six things the regulations require a compliance program to contain
- What the two-year effectiveness review actually asks of you
- The trigger that forces an off-cycle risk assessment, which most programs miss
- Who the findings have to be reported to, and in what form
Roughly 778 words. Every regulatory statement carries the section it rests on, so you can read the provision rather than take our word for it:
Get the guide
Where should we send it?
It arrives as one email. Asking for the guide on its own does not add you to any list. What we do with this.
Not legal advice. Northward is a compliance practice, not a law firm. The guide sets out what the published rules say and how they are applied in practice at different risk appetites. What that means for your business is a conversation. Disclaimer.
Rather just ask?
If the question is specific to your business, a conversation gets further than a guide.