FINTRAC's March 2024 Cyber Incident: Notes for Canadian AML Reporting Entities

[@mybtccanada]

Thank you Amber! This is a fantastic update!

[@outliercompliancegroup]

Thanks!

[@Ryan-vk2cn]

Really appreciate this update Amber.

[@outliercompliancegroup]

Thanks!

[@adrrianda]

When will a report be considered "late" if the time frame for submission is basically as soon as practicable?

[@outliercompliancegroup]

Since there is currently an understanable delay in most FINTRAC reporting due to the cyber incident, we will await guidance from FINTRAC as far as expected timing once systems are backonline. Outside of the current scenario, during recent examinations we have since examiners requesting the documented timeline for what is considered "as soon as practicable." This needs to be aligned with the guidance provided from FINTRAC, but you need to make sure you have it documented. For example, unusual transactions with a single customer and single transaction should be investigated and reported (where applicable) within 3-5 business days.
For better clarity, please feel free to reach out so we set up a discussion. Email us at [e-mail]

[@outliercompliancegroup]

For those who prefer a written format, here's an updated version of our guide - www.outliercanada.com/the-fintrac-outage-guide-for-aml-reporting-agencies/

[@donnalaprade7709]

Has the reporting system come back online?

[@outliercompliancegroup]

Currently, reporting is still only availble via API. FINTRAC's Web Reporting remains offline.

[@ninosfinance]

😃