Canada expanded FINTRAC reporting obligations for financial institutions to integrate sanctions evasion detection into their AML programs. Suspicious Transaction Reports (STRs) must be submitted as soon as reasonable grounds to suspect sanctions evasion exist. No monetary thresholds applies – all amounts are reportable, if linked to evasion.
MONEY SERVICES BUSINESSES | CANADA
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) requires reporting entity sectors, including MSBs, to comply with electronic funds transfer (EFT) reporting requirements. The MSB must submit an EFTR within five (5) business days after a transfer is initiated or received.
PAYMENT SERVICE PROVIDER | CANADA
The Canada Retail Payment Activities Act (RPAA) is for a payment service provider (PSP) to register with the Bank of Canada (the Bank) at least 60 days before retail payment activities are intended to be performed. If a registration application is submitted outside the 60-day window, a PSP will not be allowed to operate as a PSP until 60 days after the submission date.
RISK | STRATEGY | CYBER COMPLIANCE MANAGEMENT
