PROCESSING...
The new 5th EU AML Directive followed the 4th EU AML Directive quite soon, driven by the rise of digital currencies, and following the scandal of the Panama and Paradise Papers. It has only been two years since the last EU AML Directive came into force, and the EU wants to reassure its citizens and businesses that they are at the forefront of developing financial crime issues.
Here We Go Again! Canada’s Proposed AML Changes for Real Estate Developers, Brokers and Sales Representatives
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 the real estate industry.
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 counter terrorist financing (CTF) 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 counter terrorist financing (CTF) 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…
My obsession (let’s call it what it is) with Bitcoin and blockchain was born in 2013 when I updated a risk assessment to include bitcoin (and accepted my first bitcoin payment). Soon after, I spoke at the Bitcoin Expo in Toronto and became a member of the Bitcoin Alliance of Canada (BAC). At the time, it seemed to me that so many wonderful things were happening in Canada. This organization had a real opportunity to transcend political leanings and model new methodologies for consensus and transparency. For what it’s worth, I still believe that this is possible if we have the will and dedication to do the work.
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
