FINTRAC Compliance: What It Is, Why It Matters, and What's Next?
As part of our ongoing commitment to regulatory compliance, professional standards, and risk management, Crawford Smith & Swallow is reinforcing firm-wide awareness and adherence to FINTRAC requirements.
What Is FINTRAC?
FINTRAC or the Financial Transactions and Reports Analysis Centre of Canada, is Canada’s financial intelligence unit responsible for combating money laundering and terrorist financing. FINTRAC oversees compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its associated regulations.
Why FINTRAC Compliance Is Critical
FINTRAC compliance is not optional. It is a regulatory obligation with direct implications for both the Firm and individual professionals.
Compliance ensures that we:
- Meet federal legal and regulatory requirements;
- Protect the Firm from regulatory penalties, reputational risk, and enforcement actions;
- Support ethical professional conduct and public trust; and
- Maintain consistent, defensible procedures across all service lines and offices.
Failure to comply can result in significant monetary penalties, remediation orders, and increased regulatory scrutiny.
Training and Next Steps
To support firm-wide compliance:
- Updated FINTRAC training links will be available on Thursday, December 18th
- Training will outline our obligations, internal procedures, and individual responsibilities
- Completion of the training before February 1st, 2026 is MANDATORY.
Our Commitment
FINTRAC compliance is a shared responsibility. By completing the required training and applying these standards consistently in our work, we reinforce CSS’s commitment to integrity, professionalism, and regulatory excellence supporting our One Firm, One Team approach.
Thank you for your cooperation and continued commitment to maintaining the highest professional standards.
For questions or concerns, please email Susanne MacMahon.