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Publication of updated guidance on politically exposed persons, ongoing monitoring and business relationships

FINTRAC has updated its guidance on politically exposed persons and heads of international organizations, ongoing monitoring requirements and business relationships requirements to include regulatory amendments that will come into force on June 1, 2021. Key changes include:


  1. Politically expose person (PEP) and heads of international organizations (HIO)PEP and HIO obligations currently apply to the financial entities, securities dealers, money services businesses and life insurance sectors. As of June 2021, PEP and HIO obligations will apply to all reporting entity (RE) sectors.

 

  1. Business relationship requirements guidanceRegulatory amendments about when a business enters into a business relationship with a client will come into force in June 2021.

 

  1. Ongoing monitoring requirements guidanceOngoing monitoring requirements have not changed but the regulatory references’ numbering has been revised.


FINTRAC is committed to working with businesses to increase their awareness and understanding of their compliance obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.


As Canada’s financial intelligence unit and AML/ATF regulator and supervisor, FINTRAC plays a key role in helping to protect the safety of Canadians and the security of Canada’s economy.


For questions, please contact guidelines-lignesdirectrices@fintrac-canafe.gc.ca


February 17th, 2021

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