Canada's Anti-Money Laundering & Anti-Terrorist Financing Requirements - A Guide for Chartered Accountants

Canada's Anti-Money Laundering & Anti-Terrorist Financing Requirements - A Guide for Chartered Accountants has been prepared to assist in understanding the obligations imposed by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The PCMLTFA makes it mandatory for CAs and CA firms that serve as financial intermediaries on behalf of their clients to report on certain financial transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINTRAC provides a significant amount of guidance in the form of Guidelines and Interpretation Notices that can assist reporting entities in keeping up with new developments that may affect them. FINTRAC also conducts ongoing outreach programs for all reporting entities. Chartered accountants and accounting firms that are subject to the legisation can keep up to date by regularly visiting the FINTRAC website and the CICA’s Online Anti-Money Laundering Resource Centre.

Money Laundering & Terrorist Financing Risk Assessment Strategies

Drawing on current examples of national threat assessments, this FATF report Money Laundering & Terrorist Financing Risk Assessment Strategies sets out key factors to be considered, including sources of data and type of assessment: risk, threat or vulnerability.