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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.

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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.

2019 AML Changes For The Real Estate Sector

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 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.

2019 AML Updates for Credit Unions

David Vijan on July 26, 2019

Background

On July 10^th, 2019 the final amendments to Canada’s anti-money laundering (AML) regulations, were published in the Canada Gazette. Many of the changes are based on requirements set out by the Financial Action Task Force (FATF), an inter-governmental body that sets out international standards for combating money laundering and terrorist financing, as well as from certain amendments made to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) made through the Economic Action Plan 2014 Act, No. 1 and the Budget Implementation Act, 2017, No. 1.

2019 AML Regulation Highlights for Dealers in Virtual Currency

Amber D. Scott, Founder & Chief AML Ninja on July 15, 2019

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).

2019 AML Updates – Redlined Versions

Rodney MacInnes on July 15, 2019

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 10^th, 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.

FATF, VASP – What Does It All Mean?

Amber D. Scott, Founder & Chief AML Ninja on June 27, 2019

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.

Information Should Be Free!

Rodney MacInnes on April 26, 2019

Outlier has produced an open-source AML and CTF, and Privacy repositories of definitions, acronyms, and terminology that is free for whoever wants it.

Please feel free to provide contributions and/or feedback, as it would be greatly appreciated. We have already had three contributors!

FINTRAC Alert – Laundering the Proceeds of a Romance Scam

Rodney MacInnes on April 15, 2019

Quick Overview

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.

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Anti-Money LaunderingConsulting Services & Strategies

David Vijan on July 29, 2019

Background

David Vijan on July 29, 2019

Background

David Vijan on July 29, 2019

Background

David Vijan on July 29, 2019

Background

David Vijan on July 26, 2019

Background

Amber D. Scott, Founder & Chief AML Ninja on July 15, 2019

Rodney MacInnes on July 15, 2019

Amber D. Scott, Founder & Chief AML Ninja on June 27, 2019

Rodney MacInnes on April 26, 2019

Rodney MacInnes on April 15, 2019

Quick Overview

Anti-Money Laundering
Consulting Services & Strategies