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On June 9th, 2018, draft amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its enacted regulations (there are five separate regulations that we’re going to collectively call regulations here for simplicity’s sake). This article is intended to give a high-level summary of the proposed amendments as they relate to Money Services Businesses (MSBs).
As you may have heard, in 2018 the Department of Finance released draft updates to Canada’s anti-money laundering (AML) and anti-terrorist financing (ATF) legislation. If you’re the type that likes to read the original legislative text, you can find it here.
Today’s guest blogger is Jonathan Krumins, Vice-President, AML Risk & Compliance, at vCAMLO Solutions Inc. vCAMLO provides anti money laundering (AML) and anti-terrorist financing (ATF) support to Canadian credit unions. You can learn more about vCAMLO at www.vcamlo.ca.
This article was created by Amber D. Scott & Emma Todd (of MMH Blockchain Group) with writing assistance from Ailsa Bristow.
We go to a lot of events, and the number one thing people keep asking us is how to get into Blockchain. Developers, students, accountants, lawyers… anyone with something to sell.
On June 9th, 2018, draft amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its enacted regulations (there are five separate regulations, that we’re going to collectively call regulations here for simplicity’s sake). While not all of the proposed amendments are related to virtual currency, many are (the term virtual currency comes up 304 times in about 200 pages). This article is intended to give a high-level summary of the proposed amendments as they relate to virtual currency for businesses in that industry (exchanges, brokerages, etc.).
Back in June of 2015, the Digital Privacy Act, received royal assent resulting in amendments to the Personal Information Protection and Electronic Documents Act (PIPEDA). Most amendments came into force at that time, except for the much-anticipated requirements related to breach notification. These requirements will come into force once regulations have been developed and put into place and will affect any organization that collects, uses or discloses personal information in the course of commercial activities.
Read more on Finalized Breach of Security Safeguards Regulations…
Back in September we published an article on Breach of Security Safeguards Regulation. Those requirements will come into force on November 1, 2018, according to an Order in Council issued on March 26, 2018.
Read more on PIPEDA’s Security Breach Notification Provisions…
The Financial Consumer Agency of Canada (FCAC) Supervision Framework updates and replaces FCAC’s current Compliance Framework. The updates provide a clearer and deeper understanding of how FCAC fulfills its mandate to protect financial consumers.
Thank you to the Canadian MSB Association for allowing us to present our research findings at the 2017 Fall Conference.
Money Services Business (MSB) and bitcoin business banking in Canada is the most significant barrier to entry. We set out to prove that the derisking crisis is real. In a first world country, this is absurd. We hope that this research facilitates an open and honest dialogue, that includes those with the power to improve the situation.
Back in June of 2015, the Digital Privacy Act received royal assent, resulting in amendments to the Personal Information Protection and Electronic Documents Act (PIPEDA). Most amendments came into force at that time, except for the much-anticipated requirements related to breach notification. These requirements will come into force once regulations have been developed and put into place, and will affect any organization that collects, uses or discloses personal information in the course of commercial activities.
