Life insurance companies, brokers, and agents are reporting entities under the PCMLTFA, but the scope of their obligations is narrower than many realize. Your FINTRAC obligations apply specifically in respect of:
Standard life insurance policy sales, claims processing, and underwriting do not trigger FINTRAC reporting obligations on their own. The obligations arise from the financial product side of the business, where insurance companies function more like financial institutions.
If you receive $10,000 or more in cash related to a loan, prepaid payment product, or associated account, you must file an LCTR within 15 calendar days.
International electronic funds transfers of $10,000 or more related to your in-scope products require an EFTR within 5 working days.
You must file an STR whenever you have reasonable grounds to suspect that a transaction involving your in-scope products is related to money laundering or terrorist financing. Common red flags in insurance include clients who request unusually large loans against policies, overfund prepaid payment products, or make significant payments in cash without a clear business rationale.
Client identification and verification requirements apply to everyone who holds a loan, prepaid payment product, or associated account with your organization.
Comply+ lets you isolate transactions related to your in-scope products (loans, prepaid payment products, associated accounts) from your broader insurance operations. Only the relevant transactions are monitored for FINTRAC reporting, keeping your compliance efforts focused.
Upload transaction data from your lending and prepaid payment systems. Comply+ identifies reportable transactions, generates pre-filled LCTRs and EFTRs, and submits directly to FINTRAC.
Our aiSTR technology applies risk indicators relevant to insurance-related financial products: unusual loan activity, overfunding patterns, rapid cash movements, and more. Flagged transactions include draft narratives for your compliance team to review.
For carriers managing a network of brokers and agents, Comply+ provides centralized oversight of reporting activity across your distribution channel.
Your FINTRAC obligations as a life insurance entity are specific to your financial products, not your insurance products. Comply+ helps you draw that line clearly and handle reporting for the activities that matter.
FINTRAC publishes official guidance on record keeping for life insurance companies, brokers and agents. For full details and current requirements, see: Record keeping requirements for life insurance companies, brokers and agents (FINTRAC).
FINTRAC enforcement is intensifying. Recent penalties demonstrate that compliance failures result in significant financial consequences, with Bill C-2 increasing maximum penalties to $20 million for entities.
FINTRAC has imposed significant Administrative Monetary Penalties (AMPs) for compliance failures across multiple sectors.
December 2025 — Toronto, Ontario
Multiple compliance failures including no effective compliance regime, no proper risk assessment, and failures to submit EFT and LCT reports.
Read case studyDecember 2025 — Foreign MSB (Seychelles)
Failed to submit STRs for transactions with exposure to darknet marketplaces, sanctioned entities, and child sexual abuse material.
Read case studyOctober 2025 — British Columbia
2,593 violations including 1,068 unreported STRs, 1,518 unreported LVCTRs, and failure to comply with Ministerial Directive on Iran.
Read case studySeptember 2025 — Foreign MSB (Seychelles)
Unregistered foreign MSB, 2,952 unreported LVCTRs, and 33 unreported STRs linked to darknet marketplaces and illicit chemical trade.
Read case studyUnder Bill C-2 (tabled June 2025), maximum Administrative Monetary Penalties would increase dramatically:
Purpose-built for Canadian FINTRAC compliance. Automate reporting, reduce risk, and scale your operations.
Handle all FINTRAC transaction types with automated LCTR, LVCTR, EFTR, and STR detection and submission. Our system identifies reportable transactions across cash, virtual currency, and electronic funds transfers.
Our proprietary aiSTR™ technology automatically flags suspicious transactions and drafts FINTRAC-compliant narratives. Reduce false positives and ensure nothing falls through the cracks.
Scale your operations without increasing compliance overhead. Automate reporting workflows to handle growth from hundreds to thousands of transactions per month.
From batch uploads to direct FINTRAC submission — everything you need in one platform
Submit reports directly to FINTRAC securely. No need to log in to the FINTRAC website — everything is handled within Comply+.
For fully connected databases, enable autopilot for automatic submission of LCTRs, LVCTRs, and EFTRs. Our proprietary aiSTR™ technology handles suspicious transaction detection, requiring manual review only for STRs.
For non-connected databases, upload a CSV of transactions. Automatically detect required reports and generate draft LCTRs, LVCTRs, EFTRs, and STRs with AI-powered analysis.
Our proprietary aiSTR™ technology automatically flags high-risk transactions and drafts narratives aligned with FINTRAC risk indicators. You retain full control with manual overrides.
Maintain complete customer and location data with direct integrations to providers like SumSub. Reports auto-populate with existing records.
Create and save draft reports — including AI-generated STR narratives — for later completion. Work at your own pace with automatic data preservation.
Add STR extensions to existing reports (LCTR/LVCTR/EFTR/CDR) with one click. Fill only additional fields — no separate forms.
Risk Detection Settings
Recommended STR filing
Advanced risk flagging via AI. Machine learning flags suspicious transaction patterns — reducing false positives and helping teams act faster on STRs.
Direct Slack integration for no login STR review/submissions
Maximize risk detection with custom set, and AI-driven risk indicators
Set your risk indicator weightings, or let aiSTR optimize detection
Generate higher accuracy through reinforced learning
In 30 minutes, walk through how Comply+ helps you move from transaction data to draft reports, STR review with your team, and FINTRAC API submission without logging into the Web Reporting System (FWR) for each filing.
Upload a CSV or connect your system and see how Comply+ helps surface reportable activity for LCTR, LVCTR, EFTR, and CDR workflows.
See how aiSTR™ supports narrative drafts and how your team reviews and decides what is filed.
Follow submission through FINTRAC's API and where confirmations and status live in Comply+.
Enter your work email. We will open the calendar to schedule your demo.
Disclaimer
This page is provided for general informational purposes only and reflects our interpretation and opinions based on publicly available information at the time of writing. It does not constitute legal advice, financial advice, regulatory guidance, or a substitute for professional counsel. Reporting entities and businesses subject to FINTRAC obligations should consult qualified legal and compliance advisors before making decisions relating to FINTRAC, AML obligations, or compliance requirements.