Suppression of Terrorism & Canadian Sanctions Reporting (STCS)
Many Canadian businesses do not fully understand their obligations under the Suppression of Terrorism and Canadian Sanctions (STCS) framework. This regime imposes specific reporting duties on entities that may hold assets belonging to “listed persons” or that engage in transactions involving sanctioned individuals or organizations.
Under current regulations, if your organization has property owned or controlled by an individual or entity designated under Canadian sanctions or domestic anti-terrorism laws, you must report that to the relevant regulatory authority. In certain cases, a Listed Person or Entity Report must be filed with FINTRAC or other regulatory bodies.
Additionally, if you have reasonable grounds to suspect that one or more financial transactions are related to terrorism financing or sanctions evasion, you may also be required to submit a Suspicious Transaction Report.
Recent FINTRAC bulletins emphasize the importance of collecting identifying information about corporate structures, ownership, and control when submitting these reports, including beneficial ownership, directors, and related persons.
Failure to comply can lead to significant risk: beyond fines or regulatory scrutiny, non-compliance undermines trust and could expose your business to legal liabilities.
At Platino Consulting, we help clients navigate STCS compliance with confidence. Our services include:
Assessing whether your organization has STCS-reportable exposure
Designing or improving your internal STCS reporting policy
Preparing and filing Listed Person or Entity Reports
Training your compliance and operations teams on reporting procedures and risk indicators
If you want to ensure your business meets its STCS obligations, without disrupting your operations, contact us for a confidential consultation.
