FINTRAC expands API to include Suspicious Transaction Reports
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is expanding its application programing interface (API) to allow REALTORS® to submit Suspicious Transaction Report forms.
This API now allows for the secure system-to-system transfer of report information to FINTRAC for:
- Suspicious Transaction Reports;
- Large Cash Transaction Reports; and
- Large Virtual Currency Transaction Reports.
This change is part of FINTRAC’s multi-year plan to update its reporting forms and make them easier to use.
What's an API?
An API is a way to allow two pieces of software to communicate with each other. For example, your association offers an API that allows website providers to connect to the MLS® to offer a Virtual Office Website.
Accessing FINTRAC’s report submission API
Brokers looking to access FINTRAC’s report submission API should have their technical administration apply using the FINTRAC API portal, or by contacting FINTRAC by email at F2R@fintrac-canafe.gc.ca.
If you’re unfamiliar with APIs, and you’d like to use it to submit report information, we suggest you contact an IT professional.
Suspicious Transaction Report form and new guidance
The new Suspicious Transaction Report form contains fields to reflect amended regulations that came into effect on June 1, 2021.
To better understand the changes to the Suspicious Transaction Report, FINTRAC has published this guidance on reporting suspicious transactions to FINTRAC.
This new guidance replaces two guidelines:
- What is a Suspicious Transaction Report; and
- Reporting suspicious transactions to FINTRAC.
Complying with new obligations
FINTRAC expects businesses to comply with all of the obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations.
However, given the many challenges businesses face as they transition to meeting new obligations, FINTRAC has stated it will exercise flexibility when assessing and enforcing the Act and associated regulations.
If you have questions, contact FINTRAC at 1-866-346-8722 (toll-free) or guidelines-lignesdirectrices@fintrac-canafe.gc.ca.