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Complying with Bill C-31

As finalized on February 11, 2014 (with Royal Assent on June 19, 2014), Canadian Bill C-31 — which amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) — greatly expands the reach and reporting requirements of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). It extends the types of registered organizations to include online casinos, foreign money services businesses (FMSBs), and virtual currency (Bitcoin) dealers.

Bill C-31 also requires all reporting entities to determine if they are doing business with individuals who may be identified as “politically exposed persons” (PEPs). Though the definition of PEPs is extremely broad (and the subject of much controversy), it now includes both foreign and domestic PEPs, as well as heads of international organizations. Not only must the PEPs themselves receive extra scrutiny (enhanced due diligence), but so too must their “prescribed family members” and any other close associates – personal or business .

Because PEP databases contain hundreds of thousands of entries, this requirement could represent a substantial burden for many organizations — especially those with large customer lists or who process a high volume of transactions in a given day.

Accurate, Easy to Implement PEFP Compliance

FinScan offers PEP screening solutions that deliver exceptional accuracy, yet are easy to both implement and use. They are scalable to your organization’s needs and offer:

  • Fastest deployment in the industry
  • Scalability — from online, interactive look-ups to high-volume batch processing
  • Automated, detailed due diligence and audit reports
  • Minimal production of false positives and false negatives
  • Streamlined review of “suspect” hits
  • End-to-end PEP (foreign or domestic) compliance service
  • Proven performance at financial institutions worldwide



Choose the solution that best suits your business need:
FinScan Licensed
A licensed solution for organizations preferring an in-house software solution that allows full control over matching rules and parameters and can be integrated enterprise-wide

FinScan Hosted
For organizations wanting to avoid the added overhead, staff and IT infrastructure that come with licensing software, but who still require the ability to fully customize their matching rules and parameters

FinScan SME
(Small-Medium Enterprise)
World-class screening performance at a value-focused price for those organizations requiring some control over their matching rules – with virtually no internal IT resources or overhead required

FinScan List Management
The most accurate and effective list management available, offering continual monitoring of list sources for adds and changes, and extensive data quality management of more than 30 key watch lists