FINTRAC implements PCMLTFA compliance and KYC amendments
PCMLTFA reporting entities must update compliance-program and KYC controls
FINTRAC
·
Change
FINTRAC began implementing PCMLTFA amendments introduced by the Strengthening Canada's Immigration System and Borders Act, including compliance-program and know-your-client changes effective March 26, 2026.
Why it matters
The amendments change the AML compliance framework for businesses subject to the PCMLTFA. Reporting entities must align compliance-program and KYC controls with the amended requirements while FINTRAC updates its penalty policy, guidance and reporting tools for the new regime.
Implications
- — PCMLTFA reporting entities must update compliance-program controls to reflect the amendments effective March 26, 2026.
- — Know-your-client teams at reporting entities must align onboarding and customer-due-diligence procedures with FINTRAC’s amended expectations as guidance is updated.
- — Compliance officers must track FINTRAC’s updated administrative monetary penalties policy and reporting-tool changes before relying on old penalty or filing procedures.
Full decision brief
See the decision layer
Use 1 free preview to unlock implications, who’s affected, what to watch, and Clarify for this brief.
2 free previews left this month · Resets 1 Jun
Source