The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada's financial intelligence unit. Among other things, it is responsible for the enforcement of Canadian AML Law. In December 2017, FINTRAC released a revised guidance document relating to the compliance program requirements.
On July 7, 2017, the Department of Finance issued the consultation paper “A New Retail Payments Oversight Framework” (the “Consultation Paper”) proposing a federal oversight framework for retail payments. Comments on the Consultation Paper are due October 6, 2017.
Given recent issues, it is no wonder that anti-money laundering and anti-terrorist financing (AML/ATF) received significant attention in this year’s federal budget (“Budget 2017”). Organizations can expect changes to the AML/ATF regime, and should monitor developments in this area.