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In Clarification, Canada’s Fintrac Says It Won’t Recognize Last-Minute Compliance Improvements
By Brian Monroe
printCanada's financial watchdogs outlined their expectations and priorities Monday, clarifying a policy that previously gave banks a warning one month in advance of pending regulatory examinations. In a document outlining what financial institutions should expect during exams, the Financial Transactions and Reports Analysis Centre of Canada (Fintrac) said it "considers the date on its examination notification letter to be the date of the beginning of the compliance examination process." Previously, the agency did not say whether the evaluations began when the letters were dated or when examiners arrived. The amendment is a "big change" for the financial institutions that viewed...
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