REVAMPING CANADA’S AML RULES: WHAT’S NEW, WHAT’S CHANGED AND WHAT IT MEANS FOR BUSINESS

Blakes in Canada on 3rd July published an article about amendments to the regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, and saying that regulated entities have been anxiously awaiting the final version of the regulations, after numerous rounds of consultations with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).  The regulations will be formally released in the Canada Gazette on July 10th, and the Department of Finance has already quietly released the final version of the regulations.  Regulated entities will be required to significantly revamp their compliance policies and procedures, but except for one change that is beneficial to regulated entities, the amendments will not come into force until June 1st 2020 and in the case of some provisions, until June 1st 2021.  The article contains an overview of the most substantive changes to the regulations.

https://www.blakesbusinessclass.com/revamping-canadas-anti-money-laundering-rules-whats-new-whats-changed-means-business/#page=1

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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