Friday, November 7, 2008

FINTRAC - New Reporting Requirements

FINTRAC- Financial Transactions and Reports Analysis of Canada

Today I attended a seminar hosted by the Compliance Officer, Western Regional Office of FINTRAC.

Effective December 30, 2008, there are new reporting and record keeping requirements of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

Key Points:

FINTRAC is an independent agency which operates at arm’s length from law enforcement and other bodies who’s role is to collect, analyze, access and disclose information related to money laundering, terrorist activity and threats to security of Canada.

BC Notaries must report:

• Transactions involving amounts of $10,000 or more received in CASH, in a 24 hour period.

• Suspicious transactions related to the commission or attempted commission of a money laundering or terrorist financing offence.

• Any transactions when we know or believe that there is property in our possession or control that is owned or controlled by or on behalf of a terrorist, terrorist group or person/group listed as being a member of such group (Current obligations relate only to relating to RCMC and CSIS).

We are not permitted to tell our client that we have reported such transactions to FINTRAC.

BC Notaries already keep copies of identification of all clients and we have rules regarding cash. Apart from recording our compliance regime, I think the new requirements will not create too much of a burden.

2 comments:

workhard said...

You have a very interesting blog..

Apostile

AMIT said...

From where u get all this useful information?

Legal forum