More Financial Entities Report to FINTRAC Starting July 31

More Financial Entities Report to FINTRAC Starting July 31

CLEBC Staff/July 28, 2010

On July 31, Canadian credit union centrals and Quebec financial services cooperatives will be on the expanded list of financial entities subject to stringent requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and related regulations.

“Financial entities” must report suspicious transactions, large cash transactions, large electronic funds transfers, and terrorist property, and are subject to record keeping, client identification, and compliance regime requirements.

Guideline 6G: Record Keeping and Client Identification for Financial Entities is available at the website of the Financial Transactions and Reports Analysis Centre of Canada, along with legislation and other publications.