In light of the threat currently posed by COVID-19, and related guidance issued by the government of Canada, we are taking steps to ensure that our staff, clients, and friends in compliance are safe. At present, this means that we are limiting in-person meetings and speaking engagements. Fortunately, we’ve always been a relatively tech-savvy team, and we anticipate only minimal disruptions to our regular levels of awesomeness as we move to provide services primarily online in the near term.
BackgroundBack on July 10, 2019, the highly anticipated final version of the amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its enacted regulations were published. However, on February 15, 2020, further proposed amendments to those amended regulations was published in the Canada Gazette. To make reading these changes a little easier, we have created a redlined version of the regulations, with new content showing as tracked changes, which can be found here.
The following red-lined versions have been created to reflect the amendments to Canadian anti-money laundering (AML) regulations published in the Canada Gazette on February 15, 2020. You can also read our article “Amending the Amendments!” for a summary of the proposed changes by industry.
Read more on Regulations Amending the Regulations February 15, 2020- Redlined Versions…
This article is focused on business relationships that are not account-based (which means that if you are a financial institution or a securities dealer that only conducts transactions with your customers in the context of the accounts that they hold with you, you can skip this one).
Read more on Are Your Business Relationship Records Ready for FINTRAC?…
Last week, the Canadian Federal anti–money laundering agency, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), announced that money services businesses (MSBs) dealing in virtual currencies will be allowed to voluntarily register in advance of becoming reporting entities. All dealers in virtual currency are expected to register with FINTRAC by June 1, 2020.
Read more on Dealers In Virtual Currencies Can Pre-Register With FINTRAC…
On July 10th, 2019, the final amendments to Canada’s anti-money laundering (AML) regulations were published in the Canada Gazette. One of the welcomed changes that came into force immediately upon publication was related to identification. On November 14th, 2019, FINTRAC published guidance related to “Methods to verify the identity of an individual and confirm the existence of a corporation or an entity other than a corporation.” This is good news considering the range of identification methods has been broadened, and a step forward in digital identification methods. The updated methods are designed to make it easier to identify customers that are not physically present.
BackgroundOn July 10th, 2019, the highly anticipated final amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its enacted regulations were published. This article is intended to give a high-level summary of the amendments as specific to MSBs. If you’re the type that likes to read original legislative text, you can find it here. We also created a redlined version of the regulations, with new content showing as tracked changes, which can be found here.
BackgroundOn July 10th, 2019, the highly anticipated final amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its enacted regulations were published. This article is intended to give a high-level summary of the amendments as specific to DPMSs. If you’re the type that likes to read original legislative text, you can find it here. We also created a red-lined version of the regulations, with new content showing as tracked changes, which can be found here.
BackgroundOn July 10, 2019 the highly anticipated final amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), and its enacted regulations, were published. This article is intended to give a high-level summary of changes as they relate to the real estate industry. If you’re the type that likes to read original legislative text, you can find it here. We also created a red-lined version of the regulations, with new content showing as tracked changes, which can be found here.
Outlier Solutions Inc.
Good Compliance Is Good Business.
120 Adelaide St. W., Suite 2500
Toronto, ON, M5H 1T1
Telephone: (844) 919-1623 (Toll Free)
Email: info@outliercanada.com
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