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The Financial Intelligence Centre (FIC) has issued a reminder to banks and mutual banks: only use the Item 19 designation when submitting International Funds Transfer Reports (IFTRs) via the goAML platform. This applies to cross-border money value transfer services (MVTS), as required under Section 31 of the FIC Act.
Some banks are still incorrectly using Item 6 or 7 when reporting — these submissions will now be automatically rejected.
Accountants in the banking sector should ensure their client (if a bank or mutual bank) is registered as an Item 19 MVTS with the correct goAML Org ID to avoid compliance issues.
Read the FIC’s Web Notice here.
