Financial Regulation

FINTRAC Guidance on Proceeds of Crime Act Obligations

FINTRAC has published updated guidance for reporting entities on their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The guidance covers various sectors and key compliance areas such as client identification and transaction reporting.

FINTRAC Interpretation Notices on Proceeds of Crime Law

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has issued interpretation notices to clarify provisions of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. These notices provide technical interpretations and plain language explanations for regulated entities, including accountants.

FINTRAC Supervisory Framework Guidance

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has released its supervisory framework. This guidance outlines the principles, risk framework, and pillars of supervision FINTRAC uses to ensure businesses comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

FINTRAC Notices and Advisories for Reporting Entities

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has issued numerous notices and advisories to reporting entities. These updates cover a range of obligations, including guidance on bribery and corruption, politically exposed persons, ministerial directives, and beneficial ownership reporting.

FINTRAC Policy Interpretations for Proceeds of Crime Act

FINTRAC has updated its policy interpretations database concerning the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Notably, certain policy positions regarding payment processing and merchant servicing activities have been retracted as of April 27, 2022, with affected entities now subject to money services business requirements.

ECB Fines J.P. Morgan for Misreporting Capital Requirements

The European Central Bank (ECB) has imposed two penalties totaling €12.18 million on J.P. Morgan SE for misreporting capital requirements between 2019 and 2024. The bank incorrectly calculated risk-weighted assets due to misclassifications and exclusions in credit risk and credit valuation adjustment risk reporting.

ECB welcomes Frank Elderson's Vice-Chair term extension

The European Central Bank (ECB) announced the extension of Frank Elderson's term as Vice-Chair of the Supervisory Board until December 2028. This decision follows a proposal by the ECB Governing Council and approval from the European Parliament.

ECB Advances Climate and Nature Work

The European Central Bank (ECB) has concluded its 2024-2025 plan for integrating climate and nature-related risks into its core work. The ECB has refined its risk assessments, informed policy decisions, and improved supervision of banks, while also managing its own portfolios and operations.

ECB Appoints Thomas Broeng Jorgensen Director General Specialised Institutions

The European Central Bank (ECB) has appointed Thomas Broeng Jorgensen as Director General for Specialised Institutions and Less Significant Institutions, effective March 1, 2026. He will oversee the direct supervision of specialised banks and the oversight of less significant banks by national supervisors.

ECB Fines Crédit Agricole €7.5M for Climate Risk Identification Failures

The European Central Bank (ECB) has imposed periodic penalty payments of €7,551,050 on Crédit Agricole for failing to sufficiently assess its climate-related and environmental risks by the deadline of 31 May 2024. This enforcement action highlights the ECB's commitment to ensuring banks adequately identify and manage climate risks.