Beneficial Ownership Discrepancy Reporting is coming soon and you need to get ready for it! ⏳
Starting October 1st, FINTRAC reporting entities will now need to report any material discrepancy discovered when evaluating Beneficial Ownership Structures of high risk corporate clients and trusts.
These discrepancy reports are to be made directly to Corporations Canada, via their website and will need to be made within 30 days of discovering the discrepancy, for high risk clients.
Like many things in AML, there are interpretations and nuances when it comes to figuring out what constitutes a material discrepancy and when risk is present. That’s why the safest bet is always to leave it to the experts! 🤓
Our AML team has helped numerous clients reduce the regulatory burden associated with beneficial ownership, using technology led approaches that minimize client friction. ✅
Reach out to us today at contactus@theamlshop.ca if you have any questions about these upcoming changes to your obligations or if you want to learn more about how We Help Keep FINTRAC Happy.