New FINTRAC Suspicious Transaction Report Guidance
In April 2020, FINTRAC released a new guidance for all reporting entities in relation to suspicious transactions reports. The guidance will come into force on June 1, 2020. The guidance responds to the following questions:
- What is a suspicious transaction report (STR)?
- What measures do you need to take to enable your submission of STRs to FINTRAC?
- What are reasonable grounds to suspect (RGS)?
- When do you submit an STR to FINTRAC?
- How does FINTRAC assess your compliance with the obligation to submit STRs?
- How can you assess your own compliance with the obligation to submit STRs?
This guidance supports two previously published suspicious transaction report guidance documents. All three documents can be found on the Government of Canada website.
Accountants and accounting firms are reporting entities and therefore subject to specific obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations to help combat money laundering and terrorist financing in Canada.