FINTRAC WITHDRAWAL OF TEMPORARY COVID-RELATED SUPPORT TO REPORTING ENTITIES
On January 31, 2022 FINTRAC announced that it is removing temporary supports that were adopted in response to the onset of the Covid-19 pandemic to help firms comply with their reporting obligations effective March 31, 2022. As the new normal is to verify the identity of an individual who is not physically present, the IIAC is advocating for continued compliance through the use of a scanned government issued identification and a virtual call to reasonably verify authenticity. The IIAC is also stating that any re-identification occur only for clients that have been the subject of a suspicious transaction report during a specified period. A copy of the IIAC’s submission is available here.