The outbreak of the pandemic COVID-19 has forced the Financial Transactions and Reports Analysis Center Canada, FINTRAC to adjust money laundering reporting requirement. Businesses are required to regularly report the movement of clients’ money including accountants, banks, casinos, real estate brokers, securities dealers and insurance brokers. These reporting requirements have faced disruptions due to the way staff work from home now and how some have suddenly become sick or laid off. FINTRAC has now issued pandemic guidelines to focus on the most urgent cases and such reports should be forwarded to [email protected]. The guidelines warned that reporting entities must fulfil all their obligations as the reporting triage seems unavoidable because of the high stakes and declining health situation.
FINTRAC believes coronavirus did not stop money laundering, hence it will recognize the position reporting entities are and it will assist them in prioritizing the most crucial obligations. The agency is also observing the public environment about the novel coronavirus and has placed priority over its supervisory work in recent circumstances. Businesses and other reporting entities have also be put on red alert concerning expired government identity cards during the health crisis. Meanwhile, the validity of driver’s licenses, vehicle permits and other government identification than will expire during this health crisis have been extended by provincial governments. The high number of calls about COVID-19 on government telephone lines has forced FINTRAC to disable its phone support.
