Canadian Anti-Money Laundering Rules Amended
Canadian Anti-Money Laundering Rules Amended
Substantial changes made to Canada’s anti-money laundering legislation affect a wide swath of reporting entities. Find out details in this blog.
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.
Insights
-
Performance
June 02, 2023
Why a process improvement strategy is a valuable investment for your business
Business process improvement can help you evaluate your operations and unlock efficiency to increase the profitability of your business.
-
Performance
June 01, 2023
Five strategies to navigate the economic headwinds facing food and beverage processors
Against the backdrop of an uncertain economy, we assess how food and beverage businesses can improve operational efficiency, manage costs, and increase profitability.
-
Confidence
May 31, 2023
How to obtain an AGCO iGaming license for your business
Looking to obtain an iGaming license in Ontario? Read our summary of the requirements to ensure you meet the AGCO’s expectations of your gaming business.
