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 https://www.buymeacoffee.com/KoIvM842y