Federal law requires Canadian financial institutions to report suspicious transactions, electronic funds transfers and large cash transactions to FINTRAC. Investigating, compiling and submitting these transactions is a time-consuming requirement fraught with potential error.
Nasdaq Verafin brings increased efficiency and confidence to the regulatory reporting process from automated report generation and pre-populated fields to electronic filing directly with FINTRAC and examiner-friendly audit trails. In addition, Nasdaq Verafin supports the FINTRAC Gen2 regulatory reporting formats for Suspicious Transaction Reports (STRs), Electronic Funds Reports (EFTRs), and Large Cash Transaction Reports (LCTRs), as well as:
- Pre-populated report fields
- One-click electronic filing
- Workflow dashboards
- Auto-submit complete reports
