Back in June 2018, we published an article on proposed AML rules for dealers in Virtual Currency. On July 10th, 2019, updates to Canada’s anti-money laundering (AML) regulations were published in the Canada Gazette. There are three different “coming into force” dates (the dates on which the content of various updates become requirements for regulated entities).
Read more on 2019 AML Regulation Highlights for Dealers in Virtual Currency…
The following red-lined versions have been created to reflect the changes to Canadian anti-money laundering (AML) regulations 
published in the Canada Gazette on July 10th, 2019. A redlined version of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), reflecting the changes published in Bill C-97 which received Royal Assent on June 21, 2019, is also included below.
On June 21, 2019 the Financial Action Task Force (FATF) released “Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers”. In the ensuing days, while we read through and considered the implications of this dense 57 page document, we watched social media go overboard with all sorts of wild speculation and inaccurate representations. When that happens, and it’s within our power to get good information out there, we do our best to get solid information out fast to fight the fear, uncertainty and doubt (affectionately referred to as FUD online). Let’s take a closer look at the latest FATF guidance, and what it means for businesses that deal in crypto/digital/virtual currencies like bitcoin, and other virtual assets.
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On April 11th, 2019, FINTRAC published an Operational Alert issued in part with the Canadian Anti-Fraud Centre. The information provided related to laundering the proceeds of romance scams and mass marketing fraud. The publication provided an explanation of what constitutes a romance scam, some common indicators that may be present and transaction patterns or flow of funds that may suggest fraud.
Read more on FINTRAC Alert – Laundering the Proceeds of a Romance Scam…
The issue of cyber security incidents seems to continue to be a hot topic for regulators. Late last year, federal Breach of Security Safeguards Regulations came into force, which require organizations to report to the Office of the Privacy Commissioner (OPC), any breach of security safeguards involving personal information under its control where the breach creates a “real risk of significant harm”. Last week, The Office of the Superintendent of Financial Institutions (OSFI) published an advisory, Technology and Cyber Security Incident Reporting, which sets out OSFI’s expectations for Federally Regulated Financial Institutions (FRFIs) with respect to the reporting of technology and cyber security incidents. The advisory becomes effective on March 31, 2019.
Read more on Technology and Cyber Security Incident Reporting…
Meaningful Consent
The Office of the Privacy Commissioner of Canada’s Guidelines for obtaining meaningful consent became effective on January 1, 2019. The new guideline builds on examining the current state of consent in Canada (see Background section below), and is meant to assist businesses in distinguishing between those things an organization “must do” to obtain meaningful consent, and those things an organization “should do” related to consent.
Back in late 2017 we published an article on breach reporting. On November 1, 2018, the new provisions to the Personal Information Protection and Electronic Documents Act (PIPEDA) related to breach of security safeguards along with the Breach of Security Safeguards Regulations came into force.
As of last Friday (September 7, 2018) the comment period for Canada’s draft AML amendments has closed (if you have something to say, they’ll likely still accept submissions for a few more days).
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