On July 10, 2019, final amendments to regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) were published
in the Canada Gazette. The publication of the final amendments follows the release of proposed amendments in June 2018 and consultation with stakeholders. Finance Canada received numerous submissions, including comments
from the IIAC.
Overall, the amendments strengthen Canada’s AML/ATF regime and improve Canada’s compliance with the international standards set out by the Financial Action Task Force, making it easier for Canadian businesses to operate internationally. In addition, they modernize PCMLTFA regulations in response to FinTech (eg. technological advancements like virtual currency).
The IIAC has prepared a summary document, outlining some of the most substantive changes as they impact our members.
Reporting entities will need to carefully review their AML policies and procedures to ensure they will be compliant once the amendments are in force. With one exception, the amendments come into force on June 1, 2020 or June 1, 2021.
For more information, please contact Michelle Alexander.