FINTRAC has released updated guidance to better support Canadian businesses in meeting their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). These tools were developed by FINTRAC over a three-year review of money laundering and terrorist financing cases, as well as, suspicious transaction reports filed by reporting entities. 
 
This information provides a number of advantages to Canadian businesses with regard to their obligations under PCMLTFA. For example, the Compliance Framework outlines its program for ensuring compliance with the PCMLTFA and its Regulations and the Assessment Manual presents the approach and methods used by FINTRAC to conduct compliance examinations, plus new guidance on suspicious transaction reporting. 

The guidance will provide additional insight on matters that advisors may find useful:  
 
• Ascertaining Identification
• Beneficial Ownership
• Business Relationship
• Compliance Regime
• Ongoing Monitoring
• Record Keeping
• Third Party Determination
 
• Politically Exposed Persons or Heads of an international organization
• What is a suspicious transaction report 
• Reporting suspicious transaction reports to FINTRAC 
• Money laundering and terrorist financing indicators 
 
To access the guidance, please use the following links:
http://www.fintrac-canafe.gc.ca/guidance-directives/overview-apercu/FINS/1-eng.asp
http://www.fintrac-canafe.gc.ca/guidance-directives/transaction-operation/1-eng.asp
(Reporting requirements)
http://www.fintrac-canafe.gc.ca/guidance-directives/transaction-operation/Guide2/2-eng.asp
(Suspicious transactions)

New Template Available:
In addition, Canada Life has released an updated template to assist advisors with their own compliance program and to meet FINTRAC requirements.  While the main sections of the program are the same, there were a number of changes required to line up with FINTRAC guidelines.  The most notable changes relate to:
• Revised lists of suspicious transaction indicators (background section)
• Revised characteristics for high risk clients to include transactions sent to or from North Korea (Section 4.5)
• Additional steps added to the self-review related to ensuring all suspicious transactions have been reported (Part F)
• Voluntary self-reporting process for any obligations previously not met
• Frequency indicators removed from the risk assessment since risk mitigation steps are required based on risk not frequency (Section 4.4)
• Direction to subscribe to FINTRAC’s ministerial directives to ensure practices are kept up to date 
• Program enhanced to include mutual funds in the risk assessment (Section 4.4)

This updated tool is now available in HUBLINK.