On March 26, 2025, amendments to the Regulations under the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act (“PCMLTFA”) were published in the Canada Gazette, Part II and came into effect.  

The amendments permit FINTRAC reporting entities to proactively share client information with other reporting entities to more effectively deter and detect money laundering, terrorist financing, and sanctions evasion. Reporting entities should review the amendments to the Regulations to ensure they understand their scope and application and consider whether they wish to opt-in and develop an information sharing agreement with other reporting entities. Reporting entities should monitor the FINTRAC website for further guidance on implementing information sharing schemes. 

More information can be read in the full advisory here.