In 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 (ML) and terrorist financing (TF) indicators related to suspicious transaction reporting.
Read Part Five, the final post of a five-part weekly 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 on suspicious transaction reporting and the glossary. The previous, Part Four, focused on reporting terrorist property to FINTRAC and the methods to verify the identity of persons and entities. Part Three outlined the updates related to compliance program requirements. 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.