meta_id 2923669

On March 2, 2026, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published an updated advisory on financial transactions related to countries identified by the Financial Action Task Force (FATF) following the FATF's February 2026 plenary meeting. The advisory identifies three categories of jurisdictions requiring enhanced compliance measures. For high-risk jurisdictions subject to a call for action, FINTRAC has issued ministerial directives requiring reporting entities to treat all financial transactions originating from or destined to the Democratic People's Republic of Korea (DPRK), Iran, and Myanmar as high-risk, regardless of transaction amount. Reporting entities must verify client identity, exercise enhanced customer due diligence with particular attention to sanctions evasion risks, and maintain detailed transaction records. For correspondent banking relationships, entities must assess sanctions evasion risks and evaluate foreign financial institutions' implementation of United Nations Security Council sanctions. The advisory also identifies 21 jurisdictions under increased monitoring on the FATF "grey list", including Algeria, Angola, Bolivia, Bulgaria, Haiti, Kenya, Lebanon, Syria, Venezuela, and Yemen, which have developed action plans to address anti-money laundering and counter-terrorism financing deficiencies. Reporting entities must submit Listed Person or Entity Property Reports to FINTRAC without delay when required under the Criminal Code or United Nations Resolutions on the Suppression of Terrorism. As of August 19, 2024, reporting entities must report transactions suspected to involve sanctions evasion offences to FINTRAC in addition to existing obligations. The advisory also addresses terrorist designations, including the Islamic State and regional affiliates, and provides guidance on Afghanistan, Russia, Ukraine, and the Middle East situations. REFERENCES: https://www.fintrac-canafe.gc.ca/guidance-directives/advisory-avis/high-risk-jurisdictions-eng