Attention Regulated Entities!
As part of its enhanced risk-based supervisory approach, FINTRAC has recently implemented the use of electronic questionnaires consisting of a self-assessment and request for compliance and business information. The questionnaires may take a variety of forms depending on the sectors, organizations, and assessment objectives and represents the diversification of tools and interventions to promote compliance. This new process will assist FINTRAC by leveraging data to assess the effectiveness of the compliance programs and MLTF risks of reporting entities.
ECAR’s are very important for your business’ compliance program and they must be attended to.
Read our latest article on ECAR’s to learn more.
