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Are You a Foreign Money Services Business?

David Vijan on April 27, 2020

Background

On July 10, 2019 amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its enacted regulations were released in the Canada Gazette. The amendments require entities that conduct MSB activities from outside of Canada, directed towards Canadians, to be considered Foreign Money Services Businesses (FMSBs) and therefore comply with Canadian AML obligations. Foreign MSBs must register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and become compliant by June 1, 2020. Check out our blog post to see what your full requirements are.

Outlier’s Response to COVID-19

Amber D. Scott, Founder & Chief AML Ninja on March 13, 2020

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.

Amending the Amendments!

David Vijan on February 25, 2020

Background

Back 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.

Read more on Amending the Amendments!…

Regulations Amending the Regulations February 15, 2020- Redlined Versions

Rodney MacInnes on February 21, 2020

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.

Are Your Business Relationship Records Ready for FINTRAC?

Rodney MacInnes on January 13, 2020

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).

Dealers In Virtual Currencies Can Pre-Register With FINTRAC

David Vijan on November 25, 2019

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.

FINTRAC Identification Guidance

David Vijan on November 15, 2019

Background

On July 10^th, 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 14^th, 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.

2019 AML Changes for MSBs

David Vijan on July 29, 2019

Background

On July 10^th, 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.

Read more on 2019 AML Changes for MSBs…

Foreign Money Services Business in Canada

David Vijan on July 29, 2019

Background

On 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 released in the Canada Gazette. With this round of changes, Foreign Money Services Businesses (MSBs) will be subject to Canadian AML obligations. This article is intended to give a high-level summary of the requirements as they relate to Foreign MSBs.

2019 AML Changes For DPMSs

David Vijan on July 29, 2019

Background

On July 10^th, 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.

Older Posts »

Anti-Money LaunderingConsulting Services & Strategies

David Vijan on April 27, 2020

Background

Amber D. Scott, Founder & Chief AML Ninja on March 13, 2020

David Vijan on February 25, 2020

Background

Rodney MacInnes on February 21, 2020

Rodney MacInnes on January 13, 2020

David Vijan on November 25, 2019

David Vijan on November 15, 2019

Background

David Vijan on July 29, 2019

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David Vijan on July 29, 2019

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David Vijan on July 29, 2019

Background

Anti-Money Laundering
Consulting Services & Strategies