Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) updated the compliance guidelines for Iran-related financial transactions on June 23. Reporting entities are required to classify all transactions originating from or destined for Iran as high-risk transactions. The guideline stipulates clearly that all electronic fund transfers and virtual currency transfers related to Iran must record the source of funds or virtual assets and the purpose of transactions, and report to FINTRAC as required, no matter the transaction value.