In September 2021, FINTRAC updated the guidance in several areas including large virtual currency transaction (LVCT) 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.
The AML Shop’s Sonia Yooshing (Program Content Specialist) breaks down and thoroughly examines each of the changes that FINTRAC has made to its guidance in this, the first in a five-part weekly series.
Read Part 1 of this series below.