FINTRAC Canada Anti-Money Laundering Regulations June 2021 Assessment

• FINTRAC has published a notice outlining its assessment approach for anti-money laundering regulations that took effect on June 1, 2021.
• The Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, which have seen further significant amendments in March 2026, introduce requirements for customer due diligence, record-keeping, and reporting suspicious transactions.
• Lawyers advising clients on compliance with these regulations will need to be aware of the current reporting requirements, especially considering the significant amendments in March 2026, and ensure their clients are meeting their obligations.

The notice provides guidance on how FINTRAC will assess compliance with these obligations.

FINTRAC has released a notice outlining its assessment approach for anti-money laundering regulations that took effect on June 1, 2021. These rules are part of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, which have undergone further significant amendments, notably in March 2026. These changes aim to strengthen Canada's anti-money laundering framework, which is overseen by FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada. The notice provides guidance on how FINTRAC will assess compliance with these obligations.

The Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations are a key component of Canada's anti-money laundering laws. These regulations impose various obligations on reporting entities, including financial institutions, to prevent and detect money laundering and terrorist financing activities. The rules that came into force on June 1, 2021, introduced new requirements for customer due diligence, record-keeping, and reporting suspicious transactions. Since then, further significant amendments have been made, notably through Bill C-12 and Bill C-15 in March 2026, which have reshaped the AML landscape. FINTRAC is responsible for overseeing compliance with these regulations and has issued guidance on its assessment approach to help reporting entities understand their obligations.

The anti-money laundering regulations that came into force on June 1, 2021, marked a significant shift in Canada's regulatory landscape, which has seen further substantial changes, including significant amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in March 2026. Lawyers advising clients on compliance with these regulations will need to be aware of the current reporting requirements, especially considering the significant amendments in March 2026, and ensure their clients are meeting their obligations. Failure to comply with the current rules can result in severe penalties, which were significantly increased in March 2026, making it essential for lawyers to stay informed about the ongoing changes and provide guidance to their clients accordingly.

Lawyers should watch for the new compliance exposure arising from these regulations, and advise clients on their updated reporting requirements.

Source: Original reporting via FINTRAC