Comply+ Blog

FINTRAC Compliance Insights

Stay informed about the latest FINTRAC enforcement actions, regulatory changes, and compliance best practices for Canadian MSBs and reporting entities.

Regulatory Update

Budget 2026 and FINTRAC: OSFI Would Take Over AML Supervision of Federal Financial Institutions, With Registration for Precious Metals Dealers and Wider Gambling Coverage

What Budget 2026, released November 5, 2026, proposes for the PCMLTFA: moving AML supervision of federally regulated financial institutions from FINTRAC to OSFI, wider FINTRAC and OSFI information sharing, higher-risk gambling coverage including certain pari-mutuel betting on horse racing, and FINTRAC registration for dealers in precious metals and stones, set against the law as it stands today.

November 6, 2026
Comply+ Team
9 min read
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Regulatory Update

Bill S-8: Unlicensed Crypto ATM Ban, a $10,000 Cash Limit and New Powers Over MSB Registration

What Bill S-8, introduced in the Senate on November 3, 2026, would change: an offence for unlicensed crypto ATMs, a $1,000 per-machine limit in any 24 hours and transaction reports for operators, an offence for businesses, professionals and those soliciting public donations to accept $10,000 or more in cash, new grounds to deny or revoke MSB registration, and when each would take effect.

November 4, 2026
Comply+ Team
12 min read
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FINTRAC Guidance

FINTRAC EFTR Requirements: Who Reports an Electronic Funds Transfer, the $10,000 Threshold, and the Five-Working-Day Deadline

What FINTRAC's guidance and the Regulations require for Electronic Funds Transfer Reports: which sectors report, initiation and final receipt, residential status for MSBs, aggregating SWIFT and non-SWIFT transfers under the 24-hour rule, the five-working-day deadline, and eight questions to test your process.

October 21, 2026
Comply+ Team
8 min read
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Regulatory Update

FINTRAC Risk-Based Supervision in 2026: An $85 Million Budget, Universal Enrolment, and the Risk Assessment FINTRAC Expects You to Document

On October 9, 2026, FINTRAC Deputy Director of Supervision Tina Matos told The Assembly Canada that FINTRAC's supervision envelope rises to $85 million this fiscal year. The sectors it names for deeper and new supervision, the information it will use to rate risk, and seven questions from section 156 of the Regulations.

October 14, 2026
Comply+ Team
7 min read
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Regulatory Update

Canada's 2026 FATF Mutual Evaluation: What FINTRAC and Finance Canada Said About Supervision, Penalties and Next Steps

FINTRAC and the Minister of Finance responded to the FATF and APG Mutual Evaluation Report of Canada on September 29, 2026. What the statements say the evaluation found, FINTRAC's new Supervision Framework, 35 notices of violation for more than $247 million, a 60% increase in supervisory resources, and six questions from section 156 of the Regulations.

October 7, 2026
Comply+ Team
7 min read
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FINTRAC Enforcement

FINTRAC Credit Union Penalties: Four Credit Unions Fined a Combined $816,750 for Monitoring, Risk Assessment and STR Failures

On September 24, 2026, FINTRAC published penalties against Caisse Alliance, Your Neighbourhood Credit Union, Pathwise Credit Union and UNI Financial Cooperation. What the notices found on ongoing monitoring, production orders, risk assessments of new systems, and four unreported suspicious transaction reports.

September 30, 2026
Comply+ Team
8 min read
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FINTRAC Guidance

FINTRAC Two-Year Effectiveness Review: What It Must Test, Who Can Conduct It, and What a Missing One Costs

A FINTRAC penalty published in July 2026 carried a single violation: the two-year effectiveness review had not been done. What section 156 of the Regulations requires, how the 24-month clock is measured, who can conduct the review, the four harm levels FINTRAC uses to grade a deficient one, and eight questions to answer before your next review starts.

September 16, 2026
Comply+ Team
9 min read
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Regulatory Update

What Happens After a FINTRAC Examination in 2026: Findings, Mandatory Compliance Agreements, and Compliance Orders

FINTRAC scopes examination review periods to fall entirely within one legislative framework, so examinations scoped now sit under the amended Bill C-12 penalties regime. Paying a penalty no longer closes the file. What reporting entities should expect from findings, mandatory compliance agreements, and compliance orders, plus seven readiness tests.

September 11, 2026
Comply+ Team
9 min read
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FINTRAC Enforcement

FINTRAC Casino Sector Penalties: Nova Scotia Gaming and New Brunswick Lotteries and Gaming Fined a Combined $631,538.50

FINTRAC imposed administrative monetary penalties on Nova Scotia Gaming Corporation ($231,826) and the New Brunswick Lotteries and Gaming Corporation ($399,712.50) for unreported suspicious transaction reports, with Ministerial Directive and risk assessment findings in Nova Scotia. Practical AML lessons for casino and online gaming compliance teams.

September 4, 2026
Comply+ Team
9 min read
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FINTRAC Enforcement

FINTRAC Penalty on TreasureMeta (Cappo FX): A Clear Warning to Canadian MSBs

On February 5, 2026, FINTRAC announced a $24,750 Administrative Monetary Penalty against TreasureMeta Corporation (Cappo FX Inc.), a Markham, Ontario MSB, for failing to update its MSB registration information. Here’s why this seemingly narrow breach is a serious warning for all Canadian money services businesses.

February 5, 2026
Comply+ Team
10 min read
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