Here is a FINTRAC reporting systems update you will want to take note of.
We have been informed that, effective June 30, 2025, FINTRAC will no longer accept 'add', 'change' or 'delete' Generation 1 (GEN1) reports.
What does this mean for you? You will need to begin submitting Generation 2 (GEN2) reports starting July 1, 2025. Our experience suggests that, depending on the type of transactions being reported, it may take up to 10 times longer to submit a GEN2 report versus a GEN1 report. So, please make sure that you adjust your expectations regarding the time it takes to file a GEN2 report.
Don’t have time to submit GEN2 reports? Our team can set you up with a technology to help automate that process
Finally - what if you need to edit a GEN1 report? Or submit any backlog reporting? We’ve got you covered there too.
Shoot us an email at contactus@theamlshop.ca to get started or if you have any questions about this latest announcement
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