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Update to the FINTRAC Assessment manual


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https://www.fintrac-canafe.gc.ca/guidance-directives/exam-examen/cam/cams-eng

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Please note that we have updated the FINTRAC Assessment manual. Specifically, we have:

·       Changed the section “Examination Notification” to align the manual with our guidance on Voluntary self-declarations of non-compliance. The date on which we notify a reporting entity of an examination is considered to be the start of the examination (that is, the date of the notification call).

·       Added to the section “Examination findings letter” a mention that the findings letter will state which of the three possible actions FINTRAC may take based on the results of its assessment.

·       Changed section “3.2.1. Client identification requirements” by replacing the word “original” with “authentic” to align with regulatory changes. The passage used to be: “… for persons, you rely on valid and current information, or original, valid and current documents to do so.” It is now: “… for persons, you rely on valid and current information, or authentic, valid and current documents to do so.”

·       Changed section “3.2.1. Client identification requirements” by replacing the word “confirm” with “verify” to align with regulatory changes. The passage used to be: “We will focus on the steps you take to ensure that you verify the identity of a person and confirm the existence of an entity. ” It is now: “We will focus on the steps you take to ensure that you verify the identity of a person and verify the existence of an entity.”

·       Rewrote assessment method “STR 5- Identifying indicators consistently” found in section 3.3.5. for greater clarity.

·       Corrected minor grammatical errors (typos, punctuation) which do not alter the meaning of the manual.

·       Published an HTML version of the manual in addition to the PDF.  

 

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