Recognizing and Reporting Suspicious Transactions - Canada Edition

Recognizing and Reporting Suspicious Transactions – Canada Edition

Course 4 of 8 of a StudyAML Canada series. Strengthen your ability to identify, assess, and report suspicious activity with Recognizing and Reporting Suspicious Transactions. This course gives Canadian financial professionals the practical skills to recognise red flags, apply reasonable suspicion standards, and follow proper escalation procedures under FINTRAC and the PCMLTFA. Learners will gain the confidence to take timely, informed action — helping protect their organisations and Canada’s financial system from financial crime.

20 - 25 minutes

Certificate Included

Canada

Description

This course helps financial professionals identify, escalate, and report suspicious transactions in accordance with Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and FINTRAC requirements. Learners explore how to distinguish between unusual and suspicious activity, recognise key red flags, apply the “reasonable grounds to suspect” standard, and follow proper escalation and reporting procedures. The course also highlights the importance of confidentiality and the legal protections available for employees who report in good faith. By the end of this course, participants will understand their role in protecting both their organisation and Canada’s financial system from misuse by criminals and terrorist financiers.

What will you learn?

Module 1 – Understanding Suspicious Transactions
Learn what makes a transaction suspicious, how to apply professional judgment, and why prompt recognition is essential to effective AML and ATF compliance.
Module 2 – Legal and Regulatory Obligations
Understand your reporting obligations under the PCMLTFA, how FINTRAC analyses Suspicious Transaction Reports (STRs), and why timeliness and accuracy are critical to compliance.
Module 3 – Recognising Red Flags and Typologies
Identify common red flags and typologies — such as structuring, trade-based laundering, and shell companies — and learn how to interpret unusual behaviours or patterns that could signal risk.
Module 4 – Internal Escalation and Reporting
Discover how to escalate suspicions within your organisation, document findings effectively, and work with your compliance team and MLRO to ensure timely reporting to FINTRAC.
Module 5 – Confidentiality and Legal Protections
Learn how to protect sensitive information, avoid tipping off clients, and understand the legal safeguards for employees who report suspicious activity in good faith.