Canada
Overview
Canada’s federal AML/ATF framework is based on the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and regulations, with major modernisation in 2021 and subsequent beneficial-ownership, sanctions-evasion and risk-framework reforms.
Reporting entities must obtain and confirm beneficial-ownership information under FINTRAC rules. A public federal CBCA beneficial-ownership registry launched in January 2024, and specified discrepancy-reporting obligations became effective 1 October 2025.
FINTRAC receives suspicious transaction reports and other prescribed reports. Since August 2024, suspected sanctions evasion is explicitly integrated into relevant suspicious transaction reporting obligations.
Compliance Calendar5
Requirement
Banking / Credit InstitutionsPayments / EMI / Money Transfer
International Electronic Funds Transfer Report (EFTR)
Authority / Report toFINTRAC
Deadline / triggerWithin 5 business days after the day the transfer is initiated or finally received, as applicable.
Requirement
- Sector scope
- Banking / Credit InstitutionsPayments / EMI / Money Transfer
- Subject scope
- Reporting entities subject to international EFT reporting.
- Trigger
- Initiating or finally receiving a reportable international EFT of C$10,000 or more, including applicable aggregation.
- Filing channel
- FINTRAC Web Reporting / API.
Impact
- Consequences of non-compliance
- Failure to report within the prescribed timing can be an AMP violation.
- Enforcement authority
- FINTRAC
- Operational impact
- Record the initiation/final-receipt event used to start the deadline.
Requirement
Banking / Credit InstitutionsPayments / EMI / Money TransferGambling / iGaming
Large Cash Transaction Report (LCTR)
Authority / Report toFINTRAC
Deadline / triggerWithin 15 calendar days after the day the cash is received.
Requirement
- Sector scope
- Banking / Credit InstitutionsPayments / EMI / Money TransferGambling / iGaming
- Subject scope
- FINTRAC reporting entities receiving reportable cash.
- Trigger
- Receipt of C$10,000 or more in cash, including applicable 24-hour aggregation.
- Filing channel
- FINTRAC Web Reporting / API.
Impact
- Consequences of non-compliance
- Late or omitted prescribed reports can attract administrative monetary penalties.
- Enforcement authority
- FINTRAC
- Operational impact
- Preserve receipt date and aggregation relationships for deadline calculation.
Requirement
Payments / EMI / Money Transfer
Large Virtual Currency Transaction Report (LVCTR)
Authority / Report toFINTRAC
Deadline / triggerWithin 5 working days after the day the amount is received.
Requirement
- Sector scope
- Payments / EMI / Money Transfer
- Subject scope
- Reporting entities receiving virtual currency within the LVCTR rules.
- Trigger
- Receipt of C$10,000 or more in virtual currency, including applicable aggregation.
- Filing channel
- FINTRAC reporting systems / API.
Impact
- Consequences of non-compliance
- Failure to file may attract FINTRAC administrative monetary penalties.
- Enforcement authority
- FINTRAC
- Operational impact
- Calculate the working-day clock separately from cash-report timing.
Requirement
Suspicious Transaction Report (STR)
Authority / Report toFINTRAC
Deadline / triggerAs soon as practicable.
Requirement
- Subject scope
- FINTRAC reporting entities when reasonable grounds to suspect are established.
- Trigger
- Completion of measures enabling reasonable grounds to suspect ML/TF linkage.
- Filing channel
- FINTRAC Web Reporting / supported API.
Impact
- Consequences of non-compliance
- Failure to report can lead to administrative monetary penalties or criminal enforcement depending on the violation.
- Enforcement authority
- FINTRAC / law enforcement where applicable
- Operational impact
- Give STR completion priority once the statutory suspicion threshold is reached.
Requirement
Compliance program, risk assessment and ongoing monitoring
Authority / Report toFINTRAC
Deadline / triggerOngoing; program, risk assessment, policies/procedures, training and effectiveness review requirements apply continuously or at prescribed intervals.
Requirement
- Subject scope
- FINTRAC reporting entities, with sector-specific application.
- Trigger
- While carrying on activities that make the person/entity a reporting entity.
- Legal basis
Impact
- Consequences of non-compliance
- Deficiencies can result in findings, compliance actions and administrative monetary penalties.
- Enforcement authority
- FINTRAC
- Operational impact
- Maintain periodic review tasks and evidence for monitoring, training and risk-assessment updates.
Authorities & FIU7
FATF Assessment
Measures how fully the jurisdiction has implemented FATF’s technical requirements. It does not measure practical effectiveness.
Measures whether the AML/CFT system achieves its intended results in practice. Follow-up reports do not normally replace these ratings.
Explore 40 FATF RecommendationsSee every Technical Compliance rating and what it means.+
Explore 11 Immediate OutcomesSee how FATF rates whether the AML/CFT system works in practice.+
Regulatory Timeline44
On 29 September 2026, Canada confirmed publication of the FATF and Asia/Pacific Group on Money Laundering fifth-round Mutual Evaluation Report assessing Canada’s AML/ATF/CPF system. The publication replaces the earlier post-Plenary status in which the report had been adopted but was still pending public release.
The Strengthening Canada’s Immigration System and Borders Act (Bill C-12) received Royal Assent on 26 March 2026 and introduced a revised administrative monetary penalty framework under the PCMLTFA. FINTRAC confirms that the amendments came into force that day and apply to violations occurring after 26 March 2026.
FINTRAC reporting entities must report prescribed beneficial-ownership discrepancies in the circumstances set out by the current guidance and regulations.
FATF revised Recommendation 16 to standardise payment information and strengthen fraud/error controls in cross-border payments.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗FATF amended Recommendation 1 and related interpretive material to strengthen proportionality and simplified measures under the risk-based approach.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Reporting entities must consider suspected sanctions evasion within suspicious transaction reporting obligations under the expanded regime.
Corporations Canada begins public beneficial ownership transparency for federal corporations under the CBCA reforms.
FATF revised Recommendations 4, 30, 31 and 38 and related interpretive material to make asset recovery a stronger operational priority, expand tools to trace and confiscate criminal property and improve domestic and international cooperation.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗At its February 2023 Plenary FATF revised Recommendation 25 and its Interpretive Note to strengthen transparency and beneficial-ownership requirements for trusts and similar legal arrangements, complementing the 2022 strengthening of Recommendation 24 for legal persons.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗FATF strengthened Recommendation 24 on beneficial ownership transparency for legal persons.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗A major package of amendments expanded client-identification, beneficial-ownership, virtual currency and reporting requirements.
FATF amended Recommendations 1 and 2 and their Interpretive Notes so countries and covered private-sector entities must identify, assess and mitigate risks of breaches, non-implementation or evasion of proliferation-related targeted financial sanctions.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗The Basel Committee revised its ML/TF risk-management guidelines to add principles for information exchange and cooperation between prudential and AML/CFT supervisors in authorisation, ongoing supervision and enforcement.
A Basel supervisory publication does not become domestic law merely because it is GLOBAL. National adoption, supervisory use or incorporation must be evidenced by a LOCAL milestone or source.
Basel Committee on Banking Supervision ↗FATF adopted detailed implementation requirements for virtual assets and VASPs in June 2019, including the application of wire-transfer information requirements commonly described as the Travel Rule. This operationalised the virtual-asset perimeter introduced through the 2018 Recommendation 15 revision.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗In October 2018 FATF revised Recommendation 15 and added the definitions of virtual asset and virtual asset service provider, formally bringing virtual-asset activity into the global AML/CFT standards architecture. Detailed implementation requirements followed in 2019.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗The Basel Committee issued Sound management of risks related to money laundering and financing of terrorism, superseding its 2001 CDD and 2004 consolidated KYC papers and integrating ML/TF risk management with prudential supervisory expectations.
A Basel supervisory publication does not become domestic law merely because it is GLOBAL. National adoption, supervisory use or incorporation must be evidenced by a LOCAL milestone or source.
Basel Committee on Banking Supervision ↗FATF adopted a consolidated revised set of 40 Recommendations integrating AML, CFT and proliferation-financing safeguards.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Resolution 1737 imposed binding measures concerning Iran’s proliferation-sensitive nuclear activities, including an asset freeze on designated individuals and entities. Together with the DPRK regime, it forms a foundational UN counter-proliferation targeted-financial-sanctions architecture.
UN Members agree to accept and carry out Security Council decisions. This current Charter relationship is not proof of the jurisdiction’s domestic implementation, nor a claim about its membership status on the historical event date.
UN Charter · Article 25 ↗Following the DPRK nuclear test, Resolution 1718 imposed binding sanctions including an asset freeze on designated persons and entities connected to the nuclear programme. It became a central UN targeted-financial-sanctions pillar for counter-proliferation financing.
UN Members agree to accept and carry out Security Council decisions. This current Charter relationship is not proof of the jurisdiction’s domestic implementation, nor a claim about its membership status on the historical event date.
UN Charter · Article 25 ↗Canada became a full APG member in July 2006 after participating as an observer since 2000.
Canada expanded coverage to new entities and professions, introduced an administrative monetary penalties regime and required MSB registration.
FATF added a ninth Special Recommendation addressing cash couriers and cross-border movement of currency.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Resolution 1540 requires all States to adopt and enforce laws and domestic controls to prevent non-State actors from acquiring or using weapons of mass destruction and related materials. It forms a binding global legal pillar of the proliferation-financing control environment later reflected in FATF CPF standards.
UN Members agree to accept and carry out Security Council decisions. This current Charter relationship is not proof of the jurisdiction’s domestic implementation, nor a claim about its membership status on the historical event date.
UN Charter · Article 25 ↗The UN General Assembly adopted the United Nations Convention against Corruption on 31 October 2003. UNCAC addresses prevention of money laundering, laundering of corruption proceeds, confiscation and a dedicated asset-recovery framework; the Convention entered into force globally on 14 December 2005.
Current UN depositary relationship to 2003 UN Convention against Corruption. This is not a claim that the jurisdiction was already a Party on the GLOBAL event date; the national accession/ratification date is a separate LOCAL/STATUS fact.
UN Treaty Collection ↗FATF comprehensively revised its AML/CFT Recommendations, strengthening preventive measures and extending coverage.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗The Egmont Group's official Member FIU Information register records Canada's FIU admission date as 2002-06-07.
Canada expanded the AML regime to terrorist activity financing and renamed the governing statute PCMLTFA.
The Basel Committee issued Customer due diligence for banks, setting minimum supervisory expectations for customer acceptance, identification, ongoing monitoring and risk management. It became an influential global banking KYC/CDD benchmark and was later reflected in FATF standards.
A Basel supervisory publication does not become domestic law merely because it is GLOBAL. National adoption, supervisory use or incorporation must be evidenced by a LOCAL milestone or source.
Basel Committee on Banking Supervision ↗FATF expanded its standards to terrorist financing through eight Special Recommendations.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Resolution 1373 requires all States to prevent and suppress terrorist financing, criminalise the provision or collection of funds for terrorist acts, freeze terrorist assets without delay and prohibit making funds or financial services available to terrorists and related entities.
UN Members agree to accept and carry out Security Council decisions. This current Charter relationship is not proof of the jurisdiction’s domestic implementation, nor a claim about its membership status on the historical event date.
UN Charter · Article 25 ↗After its statutory creation in 2000, FINTRAC began receiving suspicious transaction reports and voluntary information in fall 2001. The distinction separates legal creation of the FIU from the operational start of the reporting/intelligence system.
The Palermo Convention was adopted on 15 November 2000 and broadened the international money-laundering framework beyond drug proceeds through criminalisation and preventive measures tied to transnational organised crime. It entered into force globally on 29 September 2003.
Current UN depositary relationship to 2000 Palermo Convention. This is not a claim that the jurisdiction was already a Party on the GLOBAL event date; the national accession/ratification date is a separate LOCAL/STATUS fact.
UN Treaty Collection ↗Canada enacted its modern federal AML framework and created FINTRAC.
The UN General Assembly adopted the International Convention for the Suppression of the Financing of Terrorism on 9 December 1999, creating the treaty framework for criminalising terrorist financing and international cooperation. It entered into force globally on 10 April 2002.
Current UN depositary relationship to 1999 Terrorist Financing Convention. This is not a claim that the jurisdiction was already a Party on the GLOBAL event date; the national accession/ratification date is a separate LOCAL/STATUS fact.
UN Treaty Collection ↗Resolution 1267 imposed an assets freeze and other targeted sanctions in the Taliban context and created the Security Council committee that became the foundation of the UN 1267 sanctions architecture. It is a key global precursor to modern terrorist-financing targeted financial sanctions.
UN Members agree to accept and carry out Security Council decisions. This current Charter relationship is not proof of the jurisdiction’s domestic implementation, nor a claim about its membership status on the historical event date.
UN Charter · Article 25 ↗FATF revised the Forty Recommendations to reflect evolving money-laundering methods and countermeasures.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Representatives of 13 financial intelligence units met in Brussels on 9 June 1995 and founded what became the Egmont Group. The milestone created the operational global network for FIU-to-FIU cooperation and exchange of financial intelligence.
Current profile relationship to the Egmont network. This does not imply membership in 1995; admission history is a separate LOCAL/STATUS fact.
Egmont Group · Member FIUs ↗Canada adopted the Proceeds of Crime (Money Laundering) Act in 1991, creating core record-keeping and client-identification obligations before the 2000 PCML framework created FINTRAC. It is the material domestic precursor to the modern PCMLTFA regime.
FATF issued its original Forty Recommendations, establishing the first global AML standard framework.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗FATF records Canada as a member since 1990.
The G7 established FATF in 1989 to examine and develop measures to combat money laundering. FATF became the central global standard-setting body whose recommendations are implemented through national and regional AML/CFT frameworks.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Canada was among the original jurisdictions in the FATF framework established by the G7 in 1989. This marks the start of Canada’s role in the international AML standard-setting architecture, preceding its modern domestic PCML statute.
The Vienna Convention was adopted on 20 December 1988 and created the first treaty-level international obligation to criminalise laundering conduct linked to drug-trafficking proceeds, alongside confiscation and international-cooperation measures. It entered into force globally on 11 November 1990.
Current UN depositary relationship to 1988 Vienna Convention. This is not a claim that the jurisdiction was already a Party on the GLOBAL event date; the national accession/ratification date is a separate LOCAL/STATUS fact.
UN Treaty Collection ↗The Basel Committee published a Statement of Principles for banks aimed at reducing the risk that banking institutions would be used by criminals or as channels for money laundering. This helped establish the preventive and supervisory side of AML alongside the emerging criminal-law framework.
A Basel supervisory publication does not become domestic law merely because it is GLOBAL. National adoption, supervisory use or incorporation must be evidenced by a LOCAL milestone or source.
Basel Committee on Banking Supervision ↗