The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is a government of Canada entity that creates regulations that businesses and organizations (including nonprofits and charities) must abide by. In 2024 FINTRAC released a set of regulations that requires Stripe (Communal's payment processor) to register as a money services business in Canada. This means they need to further verify the relationship between your Account Representatives and your nonprofit/charity. These regulations aim to help protect against online banking fraud and money laundering and involve a necessary process that organizations must complete to stay compliant and process funds online.
CANADA - What is FINTRAC?
Learn all about the The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and how its regulations impact your organization
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Updated 10 months ago
