The Business Law Group at Perley-Robertson, Hill & McDougall advises public and private corporations in the specialized area of FINTRAC compliance. FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada, was created under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
Under the Act, certain entities are required to report on their transactions to FINTRAC.
These can include:
- financial entities such as banks, credit unions, caisses populaires, financial services cooperatives, credit union centrals, trust companies, loan companies and agents of the Crown that accept deposit liabilities;
- life insurance companies, brokers and agents;
- securities dealers;
- money services businesses;
- agents of the Crown that sell money orders;
- accountants and accounting firms;
- real estate brokers, sales representatives and developers;
- dealers in precious metals and stones; and,
- public notaries and notary corporations of British Columbia.
Our expertise in navigating this system and fulfilling corporate obligations helps our clients save time and money, and avoid severe penalties. We help our clients manage the specialized reporting or auditing requirements and in drafting the necessary internal policies and procedures to ensure FINTRAC compliance. We also help with employee training on responsibilities under the Act.