The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has published a video that provides an overview of key beneficial ownership requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and associated Regulations.

This video is relevant for all insurance agents and agencies subject to the Act.

Consult: Beneficial ownership: Understanding your requirements

This video covers:
• Beneficial ownership requirements
• Beneficial Ownership Discrepancy Report
• Record-keeping requirements

Since October 1, 2025, businesses subject to the Act, except for title insurers, are required to submit a Beneficial Ownership Discrepancy Report to Corporations Canada when there is a material discrepancy between the beneficial ownership information they obtained and the information available in the Corporations Canada’s database about individuals with significant control.

Watch the video on HUBLINK today!