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1. Income tax ministerial exam update#
2. Income tax ministerial exam manual#
3. Income tax ministerial exam registration#

The framework is comprised of three main components outlined below. The examination framework we use ensures that we conduct our examinations in a consistent manner, while taking into account the type, nature, size, and complexity of different businesses. In this manual, the term "businesses" will be used. Note: FINTRAC typically refers to the businesses covered by the PCMLTFA as reporting entities, while the PCMLTFA refers to "persons" and "entities". It does not address how other federal or provincial regulators or supervisors carry out their oversight activities relating to compliance with anti-money laundering and anti-terrorist activity financing requirements.

Income tax ministerial exam manual#

The manual represents FINTRAC's examination approach and methods.

Income tax ministerial exam update#

The manual is an evergreen document that we will update through consultations with businesses as our assessment methods evolve, or as legislative and regulatory changes are introduced. The assessment methods we may use in an examination are not limited to those described in the manual. While our examinations take into account the differences across business sectors, our overall examination approach and methods remain the same for all. In turn, it can also reduce financial, reputational and legal risks should criminals try to exploit your business's vulnerabilities. To this end, in the spirit of openness and transparency, we have published this assessment manual detailing how we conduct examinations.Įxaminations are one of the main activities we use to assess whether businesses are adequately implementing and maintaining a compliance program, which is important to detecting and mitigating the money laundering and terrorist activity financing risks your business may face. Our objective is to support businesses as we work together to protect Canadians and the integrity of Canada's financial system from money laundering and terrorist activity financing vulnerabilities. The Financial Transactions and Reports Analysis Centre of Canada, known as FINTRAC, is committed to helping you meet the legal requirements set out in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations. Ministerial directives' requirementsįINTRAC assessment manual (PDF, 1.5 Mb) Introduction Why is the manual important and what does it cover?

Income tax ministerial exam registration#

Money services business (MSB), and Foreign money services business (FMSB) registration requirements Foreign branches, foreign subsidiaries and affiliates requirements Correspondent banking relationship requirements

Financial transactions reporting requirements Client identification and other know your client requirements

Why is the manual important and what does it cover?.Guidance and resources for businesses (reporting entities)įINTRAC assessment manual The approach and methods used during examinations.