About this courseCourse overview
Money services businesses, including virtual currency dealers, must register with FINTRAC and run a full compliance program under the PCMLTFA. Ongoing staff training is one of its five required elements.
This online course covers registration, risk assessment and the compliance officer's role, then moves into day-to-day obligations: verifying identity, confirming beneficial ownership, screening for politically exposed persons and sanctions, and applying the travel rule to electronic funds and virtual currency transfers.
Dedicated lessons explain each FINTRAC report, when it is due and what to include, along with the records you must keep and for how long.
It closes with the deficiencies FINTRAC commonly finds and how to fix them before an examination.
OutcomesWhat you'll learn
- Explain MSB registration and the duties that come with it
- Apply know your client and beneficial ownership rules
- Understand the travel rule for electronic funds and virtual currency transfers
- File suspicious, large cash, large virtual currency and EFT reports
- Screen for sanctions and ministerial directives
- Build and test a risk-based compliance program
Regulatory alignmentLaws and regulations covered
General education based on the current official texts and guidance. It is not legal advice.
AudienceWho this course is for
- Money services businesses and foreign MSBs serving Canadians
- Virtual currency dealers and crypto platforms
- Compliance officers and analysts
- Front-line and operations staff
CurriculumWhat's inside the course
1MSBs under the PCMLTFA3 lessons
- What counts as an MSB
- Registration with FINTRAC
- Foreign MSBs
- Module quiz
2The compliance program3 lessons
- Compliance officer
- Risk assessment
- Training program and effectiveness review
- Module quiz
3Know your client3 lessons
- Identity verification
- Beneficial ownership
- PEPs, HIOs and sanctions screening
- Module quiz
4Transfers and reporting3 lessons
- The travel rule
- Suspicious transaction reports
- Large cash, large virtual currency and EFT reports
- Module quiz
5Records and examinations3 lessons
- Record keeping
- Common FINTRAC deficiencies
- Final assessment
- Module quiz
Before you startRequirements and assessment
Requirements
No prior experience required. Lessons start from the basics and build towards practical application at work.
Assessment
A short quiz after each module and a final assessment. Pass mark: 70%, with up to 3 attempts.
IncludedCertificate of Completion
Complete all lessons and score 70% or more in the final assessment, and your Certificate of Completion is issued instantly in your account. It shows your name, the course title, the issue date and a unique certificate ID, as an A4 page you can print or save as PDF for your training records.
- 1Complete the lessons
- 2Pass the final (70%+)
- 3Download your certificate
It records completion of an on demand online course. It is not a professional licence, designation or accreditation, and Charter Compliance Academy is not affiliated with any government body or regulator.
FAQFrequently asked questions
Does FINTRAC accredit AML courses?
No. FINTRAC does not accredit courses. It expects a written, ongoing training program tailored to your business, and this course can form part of it.
Does it cover crypto?
Yes. Virtual currency dealers, large virtual currency transaction reports and the travel rule for virtual currency transfers are covered.
Who should take it?
Compliance officers, analysts, and front-line and operations staff at MSBs and virtual currency dealers.
Can I use it for the annual refresher?
Yes. Lifetime access lets staff repeat the course and you can keep the Certificate of Completion on file.
Training a team?
Group enrolment, progress reports and invoices in Canadian dollars.
