In anticipation of regulatory amendments coming into force on June 1, 2021, FINTRAC has updated its Risk assessment guidance. This updated guidance, was formerly referred to as the Guidance on the risk-based approach (RBA) to combatting money laundering and terrorist financing.

This guidance has been updated to include:

•  legislative amendments that came into force in June 2017 on requirements related to:
•  new developments and technologies; and
•  the activities of foreign and domestic affiliates;
•  minor legislative amendments that will come into force on June 1, 2021;
•  elements of the eight sector-specific RBA workbooks;
• more plain language; and
• footnotes pointing to legislative references.

The Guidance on the risk-based approach to combatting money laundering and terrorist financing and the eight sector specific RBA workbooks will remain accessible on FINTRAC's website until June 1, 2021, but will be removed after that date.

For any questions on the publication of the updated Risk assessment guidance, you can email guidelines-lignesdirectrices@fintrac-canafe.gc.ca.

January 4th, 2021