The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has published a video that provides an overview of its mandate and explains key compliance obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and associated Regulations.
This video will help insurance agents and businesses subject to the Act understand their obligations.
This video covers:
- FINTRAC’s mandate
- Money laundering, terrorist financing and sanctions evasion
- FINTRAC’s risk and supervisory frameworks
- Compliance program
- Know your client
- Reporting obligations
- Record keeping
- Registration as a money services business or foreign money services business
- Ministerial directives
- Enforcement activities and administrative monetary penalties
Watch the video here: FINTRAC: An introduction for reporting entities.