""

Canadian Anti-Money Laundering Rules Amended

Canadian Anti-Money Laundering Rules Amended

Synopsis
2 Minute Read

Substantial changes made to Canada’s anti-money laundering legislation affect a wide swath of reporting entities. Find out details in this blog.

Read more
Insight
Confidence Insight Forensics Litigation Support and Dispute Resolution

The Federal Ministry of Finance released significant amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) in July 2019, following recommendations made by the Financial Action Task Force (FATF) in 2015.

The changes affect reporting entities such as financial institutions, money service businesses, dealers in precious metals and stones, securities dealers, real estate brokers, agent of the Crown, accountants, casinos, life insurance companies and B.C. notaries.

The amendments include:

Know Your Client (KYC) Requirement Changes

  • New Method of Ascertaining a Client’s Identification
  • Identity Verification Conducted by Other Reporting Entities
  • Politically Exposed Persons
  • Beneficial Ownership

Transactions Reporting Requirement Changes

  • Electronic Funds Transfers (ETF)
  • 24-Hour Rule (EFTs and Large Cash Transactions)
  • Suspicious Transactions Reports

Services and Products Now Subject to PCMLTFA Requirements

  • Foreign Money Service Businesses (MSB)
  • Dealers in Precious Metals and Stones (DPMS)
  • Life Insurance Sector
  • Prepaid Payment Products and Accounts
  • Credit Cards and Record Keeping
  • Dealers in Virtual Currencies
  • Risk Assessments Approach Documentation

Click here to read the full post.

Related Content

  • Confidence
    May 03, 2021

    Moderate the power in power of attorney

    Steps to alleviate power or attorney issues and avoid painful family issues and costly litigation.

    Read more

  • Performance
    May 03, 2021

    Talk to the experts: Protect your business against fraud

    Listen in and find out how to better protect your business against fraud, with Lisa Majeau Gordon, MNP's National Leader of Forensics and Litigation Support.

    Read more

  • Confidence
    March 16, 2021

    Webinar: Employee Fraud – Tips and Traps to Avoid

    Find out how to spot red flags, steps to take and ways to prevent fraud in the workplace with.

    Read more

Insights

View all
  • Performance

    February 29, 2024

    Create a Long-term Practice Plan and Protect What You’ve Built

    Explore the three areas where SMARTPro can help you plan for the future.

    Read more

  • Progress

    February 29, 2024

    Purchasing a professional practice during a global pandemic

    Tips for navigating the changing world of professional practices from our experienced advisors.

    Read more

  • February 29, 2024

    Is your Credit Union Prepared for the Future

    Digitization and evolving membership preferences are dramatically changing the financial services space. In this first part of our whitepaper series, we focus on three.

    Read more