On 24th October, DLA Piper published an article saying that in July Canada’s Department of Finance published amendments to all 5 sets AML regulations.  The article explains when the changes take effect – a timeline that stretches from 25th June this year to 1st June 2021.  It highlights the important changes in the new regulations – including allowing reporting entities to rely on customer ‎identification ‎information that has been ‎previously obtained by another reporting entity (subject ‎to certain requirements ‎being met); and that multiple cash ‎transactions and electronic fund transfers ‎performed by, or on behalf of, the same client within a ‎‎24-hour period to be treated as a single transaction when they ‎total $10,000 or more.  The definition of money services businesses is expanded to include ‎domestic and foreign businesses that are “dealing in ‎virtual ‎currency”.

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at

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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