As of mid-2026

FINTRAC's Most Wanted

Failure to keep adequate records

Welcome back we're at Number 6 on our FINTRAC's Most Wanted countdown, and it's a classic: record keeping.

Since last year, six companies were penalized because they couldn't produce the records they were legally required to keep.

Sounds like an "easy A", right? Just don't delete anything! But in a regulatory audit "I know it's here somewhere" is a losing answer.

Regulators don't just want a final document they want a story....

They want to see: the KYC, the KYB, the CDD, the EDD, all the acronyms!

They want to see records going back for at least five years.

If your data is living in three different spreadsheets, Google Drive, someone's email inbox, etc. you're so disorganized that you are potentially non-compliant.

When an auditor asks you for a file from four years ago you need to be able to find the file and the audit trail behind it in a matter of seconds.

This is where Rhizome acts as your company's compliance memory everything that enters our system is automatically kept for the full 5 year period at the least we provide detailed audit trails that show exactly what went into every KYC or KYB check and why decisions were made, where they were made, and who made them, at what time, etc.

Whether it's a simple ID check or a complex beneficial ownership structure, it's all indexed, searchable, and ready for an auditor's eyes.

Reach out to us to see how we can help with the rest of your compliance program.