On February 15, 2020, the Department of Finance published further proposed amendments to the amended regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) in the Canada Gazette....more
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has updated its guidance on Methods to verify the identity of an individual and confirm the existence of a corporation or an entity other than a...more
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently released its interpretation of the term “harm done” in the context of violations of the Proceeds of Crime (Money Laundering) and Terrorist...more
Since the proposed amendments to the regulations (Regulations) to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) were released in June 2018, regulated entities (REs) have been anxiously...more
On March 19, 2019, the Government of Canada released its 2019 budget plan (2019 Budget) before the federal election later this year. The 2019 Budget includes several proposals that impact federally regulated financial...more
On February 8, 2019 the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), in an initiative to increase the transparency of its compliance regime, released new guidance materials to assist regulated...more
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently updated its industry guidance in respect of suspicious transaction reporting (Guidance) and released:
Transaction reporting requirements...more
The Minister of Finance recently introduced Bill C-86, Budget Implementation Act, 2018, No. 2 (Bill C-86).
Though Bill C-86 makes some minor modifications to the Proceeds of Crime (Money Laundering) and Terrorist Financing...more
The Standing Committee on Finance (Committee) recently released its report, Confronting Money Laundering and Terrorist Financing: Moving Canada Forward (Report), where it makes 32 recommendations on proposed modifications and...more
In this six-part series on corporate and financial crimes, the Blakes Business Crimes, Investigations & Compliance group outlines basic principles of criminal and quasi-criminal law that may arise in the running of a...more
The wait is over. On June 9, 2018, the Department of Finance (Department) released the long-awaited amendments to the regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) (Revised...more
6/13/2018
/ Canada ,
Digital Currency ,
Financial Institutions ,
Life Insurance ,
Money Laundering ,
Money Services Business ,
Prepaid Payment Products ,
Recordkeeping Requirements ,
Reporting Requirements ,
Terrorism Funding ,
Virtual Currency
On February 7, 2018, the Department of Finance released a consultation paper (Paper) reviewing Canada’s anti-money laundering and anti-terrorist financing regime (AML/ATF).
The Paper is intended to support parliament’s...more
On November 30, 2017, the Bank of Canada (BoC) released a staff white paper cautiously in favour of creating a central bank-issued digital currency (CBDC) for Canada. Referencing the continuing trend toward using electronic...more
On July 7, 2017, Canada’s Department of Finance released a long-awaited consultation paper on the proposed regulation of retail payments in Canada. The consultation paper, titled: “A New Retail Payments Oversight Framework”...more
As many professionals who follow Canadian anti-money laundering legislation are aware, on June 17 and June 30, 2017 respectively, new provisions of the Regulations under the Proceeds of Crime (Money Laundering) and Terrorist...more
On May 15, 2017, the Financial Consumer Agency of Canada (FCAC) published Commissioner’s Decision #126 (Decision) regarding non-compliance with the Code of Conduct for the Credit and Debit Card Industry in Canada (Code of...more
On July 29, 2016, the Financial Consumer Agency of Canada (FCAC) published the following guidance documents on its website: -
Amended Commissioner’s Guidance 10 (CG-10) – Increased Disclosure in Sales and Business...more
On June 17, 2016, the federal government quietly released the final version of the long-awaited amended general regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)....more
In preparation for the audit of Canada’s anti-money laundering and terrorist financing regime by the Financial Action Task Force (FATF) in the fall of 2015, the Department of Finance and the Financial Transactions and Reports...more
On July 4, 2015, the federal government released amended regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
While there are some additional regulatory burdens...more
7/7/2015
/ Amended Regulation ,
Anti-Money Laundering ,
Anti-Terrorism Financing ,
Canada ,
E-Commerce ,
E-Signatures ,
Money Services Business ,
Risk Assessment ,
Risk Management ,
Suspicious Activity Reports (SARs) ,
Verification Requirements
Amendments made to the Code of Conduct for the Credit and Debit Card Industry in Canada (Code) released by the Department of Finance on April 13, 2015, will have interesting repercussions across the entire payment industry...more