Ultraly Launches FINTRAC Reporting Automation, Cutting Report Filing Time From 45 Minutes to Under a Minute in Pilot Testing

Ultraly, the KYC and AML compliance platform from VerifyID Technology Inc., has launched FINTRAC reporting automation, which identifies reportable transactions and submits LCTR, LVCTR and EFTR reports through FINTRAC's API so Canadian reporting entities no longer have to key reports in by hand.

Vancouver, British Columbia, Canada, October 9, 2026 -- Ultraly, the KYC and AML compliance platform developed by VerifyID Technology Inc., launched FINTRAC reporting automation, a standalone product for Canadian reporting entities. It reviews a business's transaction data, identifies the transactions that must be filed as Large Cash Transaction Reports (LCTR), Large Virtual Currency Transaction Reports (LVCTR) or Electronic Funds Transfer Reports (EFTR), and submits the reports through FINTRAC's API. Monitoring rules for suspicious transactions (STR) can be set to match each business's own risk tolerance. Businesses bring in transaction data from the systems they already use, so reports no longer have to be typed into the FINTRAC Web Reporting System by hand. In a pilot with a Canadian money services business, an Electronic Funds Transfer Report (EFTR) took under a minute to prepare and submit once the transaction data was uploaded, compared with about 45 minutes to enter the same report by hand.

Less manual work, focus on what really matters

For most small reporting entities, FINTRAC reporting is still manual work. Someone exports transactions from a core system or spreadsheet, works out which ones must be reported, and types each report into FINTRAC's portal field by field before the deadline. Ultraly takes that rekeying out. Transaction data goes in once, the report is prepared in FINTRAC's format and submitted through FINTRAC's API. An average report takes 45 minutes, and the compliance team can get most of that time back, without replacing the KYC or screening tools it already uses.

Priced for the reports you actually file

During pilot testing of Ultraly's reporting system, a single report took 45 minutes to file by hand. For a business filing 50 reports a month, that adds up to 37.5 hours of staff time, close to a full work week, spent retyping data the business already has.

Higher penalties for missed reports

Bill C-12 became law in Canada on March 26, 2026. The bill updated the country's main law against money laundering and gave FINTRAC, Canada's financial intelligence unit and AML regulator, stronger enforcement powers. Under the new rules, its maximum penalties are 40 times higher than before. A company can now be fined up to $20 million for a single very serious violation, and late or missing reports count as violations.

Ultraly keeps an audit log of every report it prepares and submits. If FINTRAC asks, the business can show exactly what was reported and when.

From customer onboarding to FINTRAC filing

Ultraly's FINTRAC reporting can be used in two ways. Businesses can log in and use it as a standalone product. They can also connect it to their existing platform through Ultraly's API, so transaction data flows in automatically.

Reporting is also one part of Ultraly's wider compliance solution. Identity verification lets businesses verify customers remotely through document checks, facial recognition and biometric matching. AML screening checks customers against sanctions lists and watchlists in more than 200 jurisdictions. Risk scoring can be configured to each reporting entity's own risk tolerance, including which factors count and the thresholds for each risk level.

A compliance team behind the platform

Ultraly has a dedicated team of AML and CTF compliance specialists with an average of more than 15 years of experience in the field. In addition to the software, the team provides consultation on compliance program development, conducts two-year effectiveness reviews and offers managed FINTRAC reporting.

"Ultraly was built from hands-on AML compliance work, around the problems reporting entities face in their daily operations," said Laura Yan, CAMS, founder and CEO of Ultraly. "Technology is only part of what we offer. Our team's experience in AML and CTF compliance shows us where reporting entities spend the most time and where examinations most often find gaps. Our goal is to help reporting entities meet their FINTRAC obligations more efficiently, with less time and cost."

Data privacy and security

Ultraly is designed to meet PIPEDA requirements. The platform uses multitenant architecture with strict isolation between accounts. Hosting, databases and document storage are located in the jurisdiction each client specifies, with encrypted backups.

Businesses can book a demo at ultraly.ai or see the industries Ultraly supports at ultraly.ai/use-cases.

About Ultraly

Ultraly (ultraly.ai) is an AML and CTF compliance platform. It automates customer onboarding, AML screening, risk assessment and regulatory reporting, helping businesses meet their AML and CTF obligations. Ultraly is developed by VerifyID Technology Inc. and based in Vancouver, British Columbia.

Contact Info:
Name: Laura Yan
Email: Send Email
Organization: Ultraly (VerifyID Technology Inc.)
Address: 250-997 Seymour St., Vancouver, BC
Phone: +1 778 300 3506
Website: https://www.ultraly.ai

Video URL: https://www.youtube.com/watch?v=1_oBJPGVze4

Release ID: 89205635

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