Obligations and guidance

This page lists all the guidance on the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and associated Regulations developed by FINTRAC for reporting entities (businesses and individuals).

Note: FINTRAC provides guidance to help individuals and entities understand their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and associated Regulations, including how you may be assessed in an examination. However, this should not be considered to be legal advice. Please refer to the Act and associated Regulations for the full description of your obligations. Consult: FINTRAC’s act and regulations.

On this page

• Sector-specific guidance
• Implementing a compliance program
• Knowing your client
• Transaction reporting
• Record keeping
• Other requirements
• Ministerial directives
• Private-to-private information sharing (voluntary)
• Related links

Sector-specific guidance

Select your business sector to find the guidance that applies to you.

• Accountants
• Acquirer services in relation to private automated banking machines New as of October 1, 2025
• Agents of the Crown
• Armoured cars
• Cheque cashers New as of April 1, 2025
• British Columbia notaries
• Casinos
• Dealers in precious metals and precious stones
• Factors New as of April 1, 2025
• Financing or leasing entities New as of April 1, 2025
• Financial entities
• Life insurance
• Money services businesses
• Mortgage
• Real estate
• Securities dealers
• Title insurers New as of October 1, 2025

Implementing a compliance program

A documented and comprehensive compliance program is the basis of meeting all reporting entity obligations under the Act and associated Regulations.

• Compliance program requirements
• Risk assessment guidance

Knowing your client

Reporting entities must verify the identity of their clients for certain activities and transactions according to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

• Methods to verify the identity of persons and entities
  • When to verify the identity of persons and entities – Accountants
  • When to verify the identity of persons and entities – British Columbia notaries
  • When to verify the identity of persons and entities – Casinos
  • When to verify the identity of persons and entities – Dealers in precious metals and precious stones
  • When to verify the identity of persons and entities – Departments and Agents of the Crown
  • When to verify the identity of persons and entities – Factors Added on July 10, 2025
  • When to verify the identity of persons and entities – Financing or leasing entities Added on July 10, 2025
  • When to verify the identity of persons and entities – Financial entities
  • When to verify the identity of persons and entities – Life insurance companies, brokers and agents
  • When to verify the identity of persons and entities – Money services businesses and foreign money services businesses Updated on September 9, 2025
  • When to verify the identity of persons and entities – Mortgage administrators, brokers and lenders
  • When to verify the identity of persons and entities – Real estate brokers or sales representatives, and real estate developers
  • When to verify the identity of persons and entities – Securities dealers
  • When to verify the identity of persons and entities – Title insurers Added on September 9, 2025
• Business relationship requirements Updated on September 9, 2025
• Ongoing monitoring requirements
• Beneficial ownership requirements Updated on October 1, 2025
• Third party determination requirements Updated on July 10, 2025
• Politically exposed persons and heads of international organizations guidance Updated on November 26, 2025
  • Politically exposed persons and heads of international organizations guidance for account-based reporting entity sectors
  • Politically exposed persons and heads of international organizations guidance for non-account-based reporting entity sectors Updated on July 10, 2025
  • Politically exposed persons and heads of international organizations guidance for life insurance companies, brokers and agents

Transaction reporting

You are required to complete reports about certain transactions and property and submit them to FINTRAC. Financial transaction reports are critical to FINTRAC's ability to develop and disseminate financial intelligence.

Suspicious Transaction Report

• Reporting suspicious transactions to FINTRAC

Suspicious transaction indicators

• Money laundering and terrorist financing indicators—Accountants
• Money laundering and terrorist financing indicators—Agents of the Crown
• Money laundering and terrorist financing indicators—British Columbia notaries
• Money laundering and terrorist financing indicators—Casinos
• Money laundering and terrorist financing indicators—Dealers in precious metals and precious stones
• Money laundering and terrorist financing indicators—Financial entities
• Money laundering and terrorist financing indicators—Life insurance companies, brokers and agents
• Money laundering and terrorist financing indicators—Money services businesses
• Money laundering and terrorist financing indicators—Real estate
• Money laundering and terrorist financing indicators—Securities dealers
• Money laundering and terrorist financing indicators—Virtual currency transactions

Sanctions evasion

• Report suspected sanctions evasion

Listed Person or Entity Property Report

• Reporting listed person or entity property to FINTRAC Updated on October 1, 2025

Large Cash Transaction Report

• Reporting large cash transactions to FINTRAC

Large Virtual Currency Transaction Report

• Reporting large virtual currency transactions to FINTRAC

Electronic Funds Transfer Report

• Reporting electronic funds transfers to FINTRAC

Casino Disbursement Report

• Reporting casino disbursement reports to FINTRAC

24-hour rule

• Reporting transactions to FINTRAC : The 24-hour rule

Travel rule

• Travel rule for electronic funds and virtual currency transfers

Record keeping

Reporting entities are responsible for keeping certain account, transaction and client identification records. These records are to be kept in such a way that they can be provided to FINTRAC within 30 days upon request.

• Record keeping requirements for accountants
• Record keeping requirements for departments and agents of the Crown
• Record keeping requirements for British Columbia notaries
• Record keeping requirements for casinos
• Record keeping requirements for dealers in precious metals and precious stones
• Record keeping requirements for factors Added on July 10, 2025
• Record keeping requirements for financing or leasing entities Added on July 10, 2025
• Record keeping requirements for financial entities
• Record keeping requirements for life insurance companies, brokers and agents
• Record keeping requirements for money services businesses and foreign money services businesses Updated on September 9, 2025
• Record keeping requirements for mortgage administrators, brokers and lenders
• Record keeping requirements for real estate brokers or sales representatives, and real estate developers
• Record keeping requirements for securities dealers
• Record keeping requirements for title insurers Added on September 9, 2025
• Travel rule for electronic funds and virtual currency transfers

Other requirements

Money services business or foreign money services business registration

Before beginning to operate in Canada, you must register your business with FINTRAC.

• Register your money services business or your foreign money services business

Prepaid payment product

Financial entities (including life insurance companies and entities that are life insurance brokers and agents) have prepaid payment product requirements when they offer such products to the public and maintain related accounts.

• Prepaid payment product and prepaid payment product accounts requirements

Correspondent banking relationship

If your business enters into a correspondent banking relationship with a foreign financial institution, you have specific obligations related to this agreement.

• Correspondent banking relationship requirements

Foreign branches, foreign subsidiaries and affiliates

If you have foreign branches, foreign subsidiaries or affiliates, you have to develop policies to establish requirements with respect to record keeping and retention, and client identification.

• Foreign branches, foreign subsidiaries and affiliates requirements

Ministerial directives

Directives issued by the Minister of Finance for reporting entities to apply countermeasures to transactions coming from or going to designated foreign jurisdictions or entities; as well as the introduction of regulations to restrict financial transactions coming from or going to designated foreign jurisdictions or entities.

• Ministerial directives and transactions restrictions
  • FINTRAC guidance related to the Ministerial Directive on Financial Transactions Associated with Russia issued on February 24, 2024 Updated on March 22, 2025
  • FINTRAC guidance related to the Ministerial Directive on Financial Transactions Associated with the Islamic Republic of Iran Updated on November 17, 2025
  • FINTRAC guidance relating to the Ministerial Directive on the Democratic People's Republic of Korea (DPRK) issued on December 9, 2017 Updated on March 22, 2025

Private-to-private information sharing (voluntary)

Engaging in private-to-private information sharing with other reporting entities is voluntary.

Under certain conditions, reporting entities can share personal information with each other to more effectively detect and deter money laundering, terrorist financing and sanctions evasion, while maintaining privacy protections for personal information. A code of practice must be submitted to FINTRAC for review and to the Office of the Privacy Commissioner of Canada for approval. A code of practice is a written document established and implemented by reporting entities that outlines and explains how they comply with private-to-private information sharing under section 11.01 of the Act.

• Private-to-private information sharing

Related links

• FINTRAC interpretation notices
• FINTRAC's Interpretation policy
• Glossary
• Videos: learning resources
• Policy interpretations database
• Date Modified:

2025-11-26