Financial Transactions and Reports Analysis Centre of Canada Assessment of Expenses Regulations

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The Financial Transactions and Reports Analysis Centre of Canada Assessment of Expenses Regulations aim to regulate financial transactions and reports related to money laundering and terrorist financing. The regulations apply to entities that made 500 or more specified reports during the fiscal year, including banks, life companies, and foreign life companies. These entities are required to assess their expenses in relation to ensuring compliance with Parts 1 and 1.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

The regulations also apply to persons or entities that made fewer than 500 specified reports during the fiscal year. The Centre's expenses for the fiscal year are prescribed as part of these regulations, and the portion of these expenses incurred in a fiscal year is to be determined using specific formulas.

The document outlines the definitions, assessment of expenses, and apportionment of expenses among entities and persons. The assessments are made in writing and must comply with specific requirements. The regulations come into force on a specified date, which may vary depending on when they are registered.