Canada

Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) is the most significant legislation at the federal level in Canada regarding the problem of money laundering and terrorist financing; the agency that regulates it is the Department of Finance, and it is administered by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The legislation took effect in the year 2000, and its efforts aim to prevent and detect criminal activities through strict compliance and identification, along with transaction monitoring requirements that have to be complied with by so-called "reporting entities," including banks, insurance companies, securities dealers, and virtual currency businesses. The PCMLTFA mandates businesses to create a comprehensive five-step compliance program, which includes designation of a compliance officer, creation of policies, performing risk assessment, training of employees, and biannual audits, along with reporting of suspicious activities and transactions of more than 10,000 Canadian dollars. Thus, this legislation ensures that the ultimate responsibility for total control falls upon the business organization for the transparency of the financial system.