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.
Read Part Two 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 One discussed changes to the guidance on LVCT reporting, you can read that here.