Earlier in March, FINTRAC released a statement that they were currently managing a cyber incident and had temporarily taken their corporate systems offline.
Per an update from FINTRAC on March 22nd, as FINTRAC works to resume its full range of operations, businesses are reminded that they must continue to identify and document all reportable transactions and be prepared to file them once systems are back online. The API report submission of Large Cash Transaction Reports (LCTR) and Large Virtual Currency Transaction Reports (LVCTR) remains available. If your organization has identified a priority suspicious transaction report (STR), please send an email to STR-DOD@fintrac-canafe.gc.ca or call the Call Centre at 1-866-346-8722 (toll free) for additional information on how to submit this report to FINTRAC.
If you are an MSB looking to register or renew with FINTRAC, or would like to make modifications to your registration, please send an email to MSBRegistration@fintrac-canafe.gc.ca, and the Centre will respond to you as soon as it is feasible to do so.
As we look to implement new processes and systems, we will communicate these to you to ensure you can submit reports and meet your reporting obligations. Until that time, no enforcement actions will result from late reporting or renewal of Money Services Business (MSB) registrations.
What does this mean for you:
FINTRAC is expecting reporting entities to be prepared to file ALL transactions once the incident has been resolved. You should be keeping a log of all reportable transactions so that you are ready to file them right away.
If you are not sure if your STR qualifies as a “priority STR”, email FINTRAC at STR-DOD@fintrac-canafe.gc.ca and allow FINTRAC to guide you in the right direction. REMEMBER – do not provide any personal information in the email itself. FINTRAC will provide you with instructions on how to file the STR in a safe and secure manner.
MSBs also have an obligation to keep their registration information current and must report changes to registration information within 30 days of the change. It is important that you send an email to MSBRegistration@fintrac-canafe.gc.ca to notify FINTRAC of any changes to your registration information to ensure you remain compliant with your obligations.
If your registration is set to expire, be sure to email FINTRAC (MSBRegistration@fintrac-canafe.gc.ca) so that they can guide you through the renewal process.
No enforcement actions will be taken for late reports or renewals while the systems are down. However, once the incident has been resolved, FINTRAC will expect reporting entities to resume business as usual.
If you need assistance with any of the above or have questions about FINTRAC, please reach out to our team now and they will assist.