This course delivers an in-depth overview of Canada’s evolving anti-money laundering (AML) and anti-terrorist financing (ATF) framework under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). It explores FINTRAC’s mandate, enforcement powers, and the growing compliance expectations for reporting entities, including accounting firms and financial institutions.

Drawing on real-world experience, the presentation explains how FINTRAC collects and analyzes financial intelligence, how global standards such as the Financial Action Task Force (FATF) evaluation shape Canadian policy, and how new legislation—particularly Bill C-2 (the Strong Borders Act)—will transform the compliance environment.

Participants will gain practical insight into risk-based program design, suspicious transaction reporting, beneficial ownership requirements, and emerging technologies such as AI in financial crime detection. The course also addresses increasing penalties, the introduction of national registries, and how professionals can prepare for more rigorous audits and oversight.

By connecting legal requirements with day-to-day practice, this session helps professionals strengthen compliance systems, identify vulnerabilities, and maintain organizational integrity in a rapidly changing regulatory landscape.

Topics Covered

1. FINTRAC’s Role and Core Mandate

• Oversight of reporting entities under the PCMLTFA
• Financial intelligence gathering and information sharing
• Key reporting types: STRs, large cash, EFT, and virtual-currency reports

2. International Standards and FATF Review

• FATF’s influence on Canadian AML reforms
• Addressing past deficiencies and improving transparency
• Links between FATF findings and new domestic policies

3. Bill C-2 – The Strong Borders Act

• Proposed 40-fold increase in administrative monetary penalties
• FINTRAC’s new authority to assess program effectiveness
• Shift from collaborative supervision to enforcement-driven oversight

4. National Risk Assessment and Sector Exposure

• Identified high-risk areas: fraud, tax evasion, sanctions evasion, and drugs
• Accounting firms as medium-risk due to governance and compliance strength
• Aligning internal risk assessments with national priorities

5. Professional Obligations under the PCMLTFA

• When accountants fall under AML obligations
• Required elements of a compliance program: officer, policies, training, and review
• The principle of proportionality for smaller firms

6. Beneficial Ownership and Transparency Rules

• Verifying and reconciling client ownership information
• Using the federal beneficial ownership registry
• Reporting discrepancies and maintaining up-to-date records

7. Suspicious Transaction Reporting

• Understanding “reasonable grounds to suspect”
• Examples of activity that triggers reporting
• Importance of client knowledge and documentation

8. Enforcement and Penalties

• FINTRAC’s public naming of non-compliant entities
• Common deficiencies: ineffective reviews, missing procedures, poor risk analysis
• Preparing for compliance audits and regulatory reviews

9. Emerging Issues: AI and Sanctions Evasion

• AI as a tool and a risk in financial crime monitoring
• Recent sanctions directives for Russia, Iran, and North Korea
• Technology’s dual role in prevention and exploitation