Reporting entities must be registered with FINTRAC.
The registration process involves an application to FINTRAC. Registration is valid for a two-year period and must be renewed before expiry. There are no fees associated with the registration or the renewal of registration.
FINTRAC may deny or revoke registration if it determines that a reporting entity is not eligible for registration.
Certain individuals or entities are not eligible to register with FINTRAC including:
- A listed person under the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism. A listed person is an individual or entity that is believed to:
- Have carried out, attempted to carry out, participated in or facilitated a terrorist activity.
- Be controlled directly or indirectly by, be acting on behalf of, at the direction of, or in association with any individual or entity conducting any of the above activities.
- A listed entity under subsection 83.01(1) of the Criminal Code of Canada. A listed entity is a person, group, trust, partnership or fund or an unincorporated association or organization listed that is believed to:
- Have knowingly carried out, attempted to carry out, participated in or facilitated a terrorist activity.
- Have knowingly acted on behalf, at the direction of, or in association with such an entity.
- An individual or entity convicted of any of the following:
- A money laundering or a terrorist activity financing offence.
- An offence convicted on indictment under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
- An offence under sections 83.18 to 83.231 of the Criminal Code of Canada related to the participation in, or the facilitation of, activities of a terrorist group, the commission of an offence for such a group, the instructing, directing or facilitating of that offence.
- An offence under sections 354 or 467.11 to 467.13 of the Criminal Code of Canada related to the possession of property obtained from crime, the participation in activities of a criminal organization, or the commission of, or instruction to commit, an offence for such an organization.
- A conspiracy, an attempt to commit, being an accessory after the fact in relation to, or any counselling in relation to any of the offences above.
- An individual or entity convicted of an offence on indictment or convicted more than once for fraudulent transactions relating to contracts and trade under the Criminal Code of Canada or any offences under the Controlled Drugs and Substances Act (other than for possession of a substance).