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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.

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FINTRAC Identification Guidance

David Vijan on November 15, 2019

Background

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.

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2019 AML Changes for MSBs

David Vijan on July 29, 2019

Background

On 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.

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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.

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2019 AML Changes For DPMSs

David Vijan on July 29, 2019

Background

On 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.

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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.

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2019 AML Updates for Credit Unions

David Vijan on July 26, 2019

Background

On July 10th, 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.

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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). 

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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 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.

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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.

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