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 Notably, certain policy positions regarding payment processing and merchant servicing activities have been retracted as of April 27, 2022, with affected entities now subject to money services business requirements.

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 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 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.

Lifeworks Technology Massage Guns Recalled as Unauthorised Device

Health Canada has recalled Lifeworks Technology Vibra-Heal and Restore Massage Guns because they were distributed without a valid medical device licence. Sales have ceased, and the company plans to apply for the necessary licence.

Olympus MAJ-1443 and MAJ-1444 Valves Recall

Health Canada has issued a Type II recall for Olympus MAJ-1443 and MAJ-1444 valves. These valves are no longer compatible with OER-Pro and OER-Elite automated endoscope reprocessors and require reprocessing via updated instructions. Healthcare providers should contact the manufacturer for further information.

Health product recall: APO-BRIMONIDINE-TIMOP weight out of specification

Health Canada has issued a recall for APO-BRIMONIDINE-TIMOP due to a weight specification issue in lot VK2312. The recall is classified as Type II, indicating a low probability of adverse health consequences. Retailers are instructed to remove the affected product from shelves.

Shimadzu FDR Visionary Suite Health Product Recall

Health Canada has issued a Type II recall for Shimadzu Corporation's FDR Visionary Suite medical device due to a potential safety issue with the X-ray high voltage generator. The issue could lead to overheating and smoke. Healthcare providers are advised to contact the manufacturer for more information.

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.