New requirements for founding documents. Criminal record certificates – a mandatory requirement. Where and how to obtain a criminal record certificate? Deadlines for submitting and updating documents
Key date September 8, 2025: new rules in force. Registration through PSP Connect: step-by-step instructions. Risk management and end-user funds protection requirements. Penalties and sanctions for non-compliance with RPAA. Connection between RPAA and MSB FINTRAC registration.
Key differences between MSB and PSP. When are both registrations needed? Practical steps for fintech companies. Risks of incorrect registration.
RPAA requirements for operational risk management. Protection of client funds: legal mechanisms. Reporting to the Bank of Canada.
What does the PSP annual report include? Incident management: the 48-hour rule. How to prepare for reporting?
Step 1. Appointment of a compliance officer. Step 2. Development of an AML/ATF policy. Step 3. Assessment of business risks. Staff training. FINTRAC readiness checklist.
Identification criteria: 25% threshold and actual control. Complex cases: trusts, multi-level structures, joint ownership. MSB obligations to verify beneficial ownership after October 2025. Material discrepancies: when and how to report? Common MSB mistakes and practical recommendations.
Registration in FINTRAC and ISED systems. What is a material discrepancy? Collection and preparation of data for the report. Submission deadlines and consequences of violations.
Magnitsky Act: specifics of application in Canada. Building a sanctions screening system. Practical implementation for business. Typical risks and how to avoid them.
New requirements for private ATM operators. How FINTRAC inspections are conducted: step-by-step process. Documents requested by inspectors. Team training: how to prepare employees. Typical mistakes and how to avoid them? Consequences of non-compliance: from orders to fines.
