FATF

https://www.fatf-gafi.org The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 to combat the increasing threat of money laundering to financial institutions and economies across the world. FATF’s mandate is to develop and promote policies against financial crime. The 40 + 9 Recommendations is a set of international standards in implementing measures against financial crime, terrorist financing and proliferation which includes:
  • Legislative and regulatory measures that governments must adopt;
  • Deterrent measures for financial institutions, businesses, and intermediaries to implement to protect themselves against money laundering threats;
  • Measures to ensure transparency of beneficial ownerships of entities and legal arrangements;
  • Designation of competent authorities to support compliance frameworks; and
  • Intra-government and inter-government cooperation and arrangements.

OSFI

http://www.osfi-bsif.gc.ca/swppws/default.html The Office of the Superintendent of Financial Institutions (OSFI) is an independent Government of Canada agency that is responsible for the supervision and regulation of banks, insurance, trust and loan companies, and pension plans under federal oversight. OSFI maintains stability in the financial system by ensuring sound risk management practices. It also maintains consumer confidence in the financial markets by providing insurance to bank deposits through the Canadian Deposit Insurance Corporation (CDIC) and ensuring pension plans are sufficient funding. With regards to AML/CTF, OSFI identifies risks and recommend corrective measures to manage these risks.

FINTRAC

https://www.fintrac-canafe.gc.ca/intro-eng

Financial Transactions and Reports Analysis Centre (FINTRAC) is Canada’s financial intelligence unit (FIU) that facilitates the prevention, detection and investigation of money laundering in Canada. It receives and analyzes financial transaction reports from reporting entities and compiles intelligence on suspected money laundering and terrorist financing activities for investigation with other law enforcement agencies. FINTRAC assesses reporting entities AML/CTF framework and imposes penalties to those found to be non compliant.

FINTRAC receives the following reports:

Suspicious Transactions Reports (STR)

Entities must report attempted or completed transactions if there are reasonable grounds to believe that these transactions may be proceeds of crime or related to funding terrorism. There is no monetary threshold for submitting STRs.

Large Cash Transaction Report (LCTR)

Entities must report receipt of cash from a single individual or entity of $10,000 or greater in a single transaction or multiple transactions occurring within a 24-hour period.

Electronic Fund Transfer Report (EFTR)

Entities must report any digital transfer of money on behalf of a single individual or entity for transactions of $10,000 or greater in a single transaction or multiple transactions within a 24-hour period.

Casino disbursements

Casinos must report payouts of $10,000 or greater in a single transaction or multiple transactions within a 24-hour period.

Terrorist property

Entities must report if they own or control properties that they believe are owned or controlled by or on behalf of terrorist groups or if these properties are owned or controlled by or on behalf of a listed person according to United Nations Resolution on the Suppression of Terrorism.