In September 2021, FINTRAC updated the guidance in several areas including large virtual currency transaction reporting, the ministerial directive on financial transactions associated with the Islamic Republic of Iran, compliance program requirements, terrorist property reporting, methods to verify the identity of persons and entities, as well as money laundering and terrorist financing indicators related to suspicious transaction reporting.
Read Part Three of a five-part series by The AML Shop’s Sonia Yooshing (Program Content Specialist) that takes a deep dive into each of the changes that FINTRAC has made to its guidance. Part Two outlined the updates related to the ministerial directive on financial transactions associated with the Islamic Republic of Iran. Part One discussed changes to the guidance on LVCT reporting.