The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has published an introductory webinar for reporting entities that explains core compliance obligations under Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations, alongside FINTRAC’s risk-based supervision and enforcement approach. The resource also situates sanctions evasion reporting within the broader regime, including reporting related to sanctioned property. The webinar outlines FINTRAC’s supervisory framework and its three pillars of engagement, monitoring and enforcement, including tools such as examinations, action plans and mandatory reporting reviews, and notes that serious or repeated deficiencies can lead to consequences. It reiterates key programme requirements such as appointing a compliance officer, maintaining written policies and procedures, conducting and documenting risk assessments that incorporate Canada’s National Risk Assessment and cover five prescribed factors, implementing role-based training, and completing a biennial effectiveness review. The content also summarises know-your-client expectations, including identity verification methods, third-party determination, beneficial ownership identification for individuals who own or control 25% or more of a corporation or trust, and ongoing monitoring, and it sets out major reporting and record-keeping expectations, including suspicious transaction reporting with no monetary threshold, CAD 10,000 thresholds and the 24-hour aggregation rule for large cash and large virtual currency transaction reports, international electronic funds transfer reporting for specified sectors, listed person and entity property reporting, and requirements to provide records to FINTRAC within 30 days upon request.

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