The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published guidance confirming that entities providing acquirer services in relation to private automated banking machines will be subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations, with obligations applying as for money services businesses (MSBs) and foreign MSBs from 1 October 2025. The guidance covers firms that connect a private automated banking machine to a payment card network to facilitate transactions and explains that they must register with FINTRAC, implement a compliance program (including a risk assessment), and meet customer due diligence requirements such as identity verification, business relationship and ongoing monitoring obligations, beneficial ownership collection and verification measures, and politically exposed persons and heads of international organizations determinations. It also sets expectations to report suspicious transactions and file listed person or entity property reports where sanctions evasion is suspected, keep prescribed records, and apply ministerial directives and transaction restrictions. FINTRAC notes it may conduct compliance examinations across areas including registration, reporting, client identification, record keeping, third party determinations, and compliance program implementation, and it can impose administrative monetary penalties for non-compliance. FINTRAC indicates that in the first year after the regulations come into force, it will place emphasis on engagement, outreach and guidance activities to support awareness and understanding among new reporting entities.
Financial Transactions and Reports Analysis Centre of Canada 2025-09-09
Financial Transactions and Reports Analysis Centre of Canada sets anti-money laundering requirements for acquirer services linked to private automated banking machines from 1 October 2025
FINTRAC announced that entities providing acquirer services for private automated banking machines will be subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act from 1 October 2025. These entities must register with FINTRAC, implement compliance programs, and fulfill customer due diligence and reporting obligations. FINTRAC will focus on engagement and guidance activities in the first year to support new reporting entities.