![]() explaining your grounds for suspicion in an STR, where you articulate how the facts, context and ML/TF indicators allowed you to reach your grounds for suspicionĪfter completing the measures that enabled you to determine that you have reasonable grounds to suspect (RGS) that a transaction is related to the commission of an ML/TF offence, you must submit an STR to FINTRAC as soon as practicable Footnote 1.linking ML/TF indicators to your assessment of the facts and context and.assessing the facts and context surrounding the suspicious transaction.screening for and identifying suspicious transactions.Pursuant to subsection 9(2) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations, "the person or entity shall send the report to the Centre as soon as practicable after they have taken measures that enable them to establish that there are reasonable grounds to suspect that the transaction or attempted transaction is related to the commission of a money laundering offence or a terrorist activity financing offence." When must I submit a suspicious transaction report (STR) to FINTRAC? If you are a securities dealer and you have foreign subsidiaries or foreign branches, the suspicious transaction reporting requirement does not apply to the operations of these subsidiaries or branches outside Canada. If you are a real estate broker or sales representative, the suspicious transaction reporting requirement does not apply to your activities related to property management. Real estate brokers or sales representatives If you are a life insurance company and you have foreign subsidiaries or foreign branches, the suspicious transaction reporting requirement does not apply to the operations of these subsidiaries or branches outside Canada. Life insurance companies, brokers and agents If you are a financial entity and you have foreign subsidiaries or foreign branches, the suspicious transaction reporting requirement does not apply to the operations of these subsidiaries or branches outside Canada. If you are a dealer in precious metals and precious stones, the suspicious transaction reporting requirement does not apply if you engage in a purchase or sale carried out for, in connection with, or for the purpose of manufacturing jewellery, extracting precious metals or precious stones from a mine or cutting or polishing precious stones. Dealers in precious metals and precious stones If you are a British Columbia notary, the suspicious transaction reporting requirement does not apply to the receipt or payment of professional fees, disbursements, expenses or bail. If you are an accountant or an accounting firm, the suspicious transaction reporting requirement does not apply to the receipt of professional fees. Money laundering and terrorist financing indicators-Virtual currency transactionsĮxclusions Accountants and accounting firms.Money laundering and terrorist financing indicators-Securities dealers.Money laundering and terrorist financing indicators-Real estate.Money laundering and terrorist financing indicators-Money services businesses.Money laundering and terrorist financing indicators-Life insurance companies, brokers and agents.Money laundering and terrorist financing indicators-Financial entities.Money laundering and terrorist financing indicators-Dealers in precious metals and precious stones.Money laundering and terrorist financing indicators-Casinos.Money laundering and terrorist financing indicators-British Columbia notaries.Money laundering and terrorist financing indicators-Agents of the Crown.Money laundering and terrorist financing indicators-Accountants.Review and validation of reports by FINTRAC.When must I submit a suspicious transaction report (STR) to FINTRAC?. ![]() All references to the commission of an ML/TF offence also include the attempted commission of an ML/TF offence. **Note:All references to transactions should be read to include attempted transactions and completed transactions. Money laundering (ML) and terrorist financing (TF) indicators ( ML/TF indicators).What is a suspicious transaction report?.It is recommended that this guidance be read in conjunction with the other suspicious transaction reporting guidance, which includes: Suspicious transaction reporting requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations are applicable to all reporting entity sectors.
0 Comments
Leave a Reply. |