What 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
Course 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.
Course curriculum
Module 1: MSBs under the PCMLTFA
- What counts as an MSB
- Registration with FINTRAC
- Foreign MSBs
Module 2: The compliance program
- Compliance officer
- Risk assessment
- Training program and effectiveness review
Module 3: Know your client
- Identity verification
- Beneficial ownership
- PEPs, HIOs and sanctions screening
Module 4: Transfers and reporting
- The travel rule
- Suspicious transaction reports
- Large cash, large virtual currency and EFT reports
Module 5: Records and examinations
- Record keeping
- Common FINTRAC deficiencies
- Final assessment
Who is this course for?
- Money services businesses and foreign MSBs serving Canadians
- Virtual currency dealers and crypto platforms
- Compliance officers and analysts
- Front-line and operations staff
Prerequisites
No prior experience required. Lessons start from the basics and build towards practical application.
Assessment
Short quizzes throughout the course. Pass mark: 70%, with up to 3 attempts.
A Certificate of Completion from Charter Compliance Academy
Complete all lessons and score 70% or more in the final assessment, and your Certificate of Completion is issued instantly in your account. Issued by Charter Compliance Academy, 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. Use it for your learning records and HR files, or share it with your employer or on LinkedIn. It records that you completed this on-demand online course; it is not a professional licence, designation or accreditation.
All course content is written and owned by Charter Compliance Academy, an independent provider of on-demand online courses. We are not affiliated with or endorsed by FINTRAC, the Office of the Privacy Commissioner of Canada, any provincial ministry of labour, the WSIB, CCOHS or any other government body or standards organisation.
- 1Complete the lessons
- 2Pass the final (70%+)
- 3Get your Certificate of Completion
Frequently 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.
Enrolling a team?
We offer company pricing with progress tracking for your staff and a Certificate of Completion for every learner.
