The Financial Transactions and Reports Analysis Centre of Canada published an overview of modernization and upcoming changes affecting reporting entities, summarising new regulations implementing Budget 2024 and Budget 2023 and Fall Economic Statement 2023 anti-money laundering measures and the status of FINTRAC’s online reporting and registration systems. For Budget 2024 measures, private-to-private information sharing between reporting entities is now in force, with participation requiring a code of practice submitted to FINTRAC for possible review and comment and to the Office of the Privacy Commissioner of Canada for approval. Additional new anti-money laundering and anti-terrorist financing obligations for factors, cheque-cashing businesses, and financing or leasing entities take effect from April 1, 2025, followed by a requirement from October 1, 2025 for reporting entities to report material discrepancies between their records and federal beneficial ownership registry filings, where they assess a high risk of a money laundering or terrorist financing offence. For Budget 2023 and Fall Economic Statement measures, technical amendments to the Casino Disbursement Report took effect on January 1, 2025, reporting of sanctioned property information under the United Nations Act takes effect from March 1, 2025, and the remaining measures come into force on October 1, 2025, including strengthened money services business registration, expanded use of agents or mandataries for entity identity verification, new identity and recordkeeping requirements for unrepresented parties in real estate transactions, new obligations for acquirers of private automated banking machines and title insurers, and expanded sanctioned property reporting under the Special Economic Measures Act and the Justice for Victims of Corrupt Foreign Officials Act. FINTRAC indicated it will adapt reporting tools and provide guidance and outreach, including industry consultation, with published guidance already available for the new sectors and further guidance to be posted by Fall 2025. Separately, it reported implementation of API report submission and the FINTRAC Web Reporting System for submitting key reports, alongside online tools supporting money services business registration updates, pre-registration, and access to an online registry, with enrollment and registrations being processed on a phased basis and system improvements ongoing.
Financial Transactions and Reports Analysis Centre of Canada 2025-03-26
Financial Transactions and Reports Analysis Centre of Canada sets out phased implementation of Budget 2024 and 2023 AML amendments and expanded online reporting tools
The Financial Transactions and Reports Analysis Centre of Canada outlined modernization efforts and regulatory changes impacting reporting entities, including new anti-money laundering measures from Budgets 2024 and 2023. Key updates include private-to-private information sharing, new obligations for financial entities, and enhanced reporting requirements effective from 2025. FINTRAC will provide guidance and adapt reporting tools, with system improvements and phased enrollment ongoing.