Important FINTRAC Update on the Ministerial Directive on Financial Transactions associated with the Islamic Republic of Iran.

This week there was a very important guidance update from FINTRAC below on the Ministerial Directive on financial transactions associated with the Islamic Republic of Iran.

FINTRAC has announced that the Iran directive is now applicable to ALL reporting entities (REs). Previously, only Financial Institutions and MSBs had to comply.

The guidance updates include:

❗All REs subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) must report every financial transaction to or from Iran, regardless of amount

❗Risk assessment of a sanctions evasion offence

❗New correspondent banking relationship requirements

If you are an RE, it is imperative that you update your program documents to reflect your compliance with these updates immediately. And, very important - you must now begin to report every financial transaction to and from this jurisdiction to avoid non-compliance and potential enforcement.

You can read the updated guidance here .

Reach out to us for more information on how our expert team can help you complete these updates accurately and swiftly.