Wu Shuo learned that the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) updated its compliance guidelines for financial transactions related to Iran on June 23, requiring reporting entities to treat all financial transactions originating from or destined for Iran as high-risk transactions. The guidelines specify that electronic fund transfers and virtual currency transfers involving Iran, regardless of amount, must record the source of funds or virtual currency, the purpose of the transaction, and report to FINTRAC as required.

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