Plug and play Fintrac compliance program

Establish and implement compliance under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). This program forms the basis of your reporting, record keeping, client identification and know your client (KYC) requirements under the PCMLTFA and associated regulations.

Allow us to do the heavy lifting for you. Roll out this program and be Fintrac compliant.

Compliance policies

Adopt up-to-date compliance policies and procedures which are continually updated to ensure adherence to PCMLTFA legislation.

Training program

Deploy compliance training curriculum for your employees, agents or other authorized persons. Instituting our online Fintrac training program that is delivered via website or mobile app.

Annual review

Automated annual review of the compliance program for the purpose of testing its effectiveness, and ensuring all training is up to date.

Fintrac reporting entities are required to appoint a compliance officer. Once this is done, utilize this program to ensure implementation of key components of PCMLTFA compliance. Policies, training and review are the pillars of any Fintrac compliance program.

Implementing Fintrac programs is key to the regulatory regime under which your business operates. When done well it can enhance your business's professionalism and reputation. However, compliance programs can be a distraction from your regular business activities. Let us help you get to a viable Fintrac compliance implementation.

Programs exist for:

Real estate brokerages
Money service businesses (Spring 2024)
Mortgage brokerages (Spring 2024)

Missteps Can Have A Real Impact

Not only is Fintrac an administrative burden, getting Fintrac wrong can significantly impact your business's bottom-line. The following penalties are reported on the Government of Canada Fintrac website (https://fintrac-canafe.canada.ca/pen/4-eng):

In the last year, the following penalties were imposed to brokerages:
• $132,000 (August 2023)
• $156,750 (August 2023)
• $206,250 (July 2023)
• $57,915 (May 2023)
• $282,397 (March 2023)