Anti-money laundering

Draft amending regulations issued under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, including in respect of virtual currencies and prepaid cards

September 28, 2018 McCarthy Tétrault LLP Accounting Systems and Controls, Business and Legal Issues, E-Commerce, Finance and Accounting, Financial Compliance / Planning / Management, IT, Privacy and Security, Network, Systems and Data Security, 0

New regulations issued June 9, 2018, follow the recent 2016 Financial Action Task Force (FATF) Mutual Evaluation Report for Canada (the “FATF Report”) which concluded that Canada largely has a strong legal framework and competent authorities dealing with money laundering and terrorist financing risks, but noted certain deficiencies that needed to be addressed.

Anti-money laundering, FINTRAC, prepaid cards, Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Conference update: Virtual currency exchanges, beneficial ownership and other developments in Canadian anti-money laundering regulations

June 19, 2018 Occasional Contributors Business and Legal Issues, Corporate Governance, E-Commerce, Finance and Accounting, Financial Compliance / Planning / Management, Fraud and Corruption, Uncategorized, 0

On February 7, 2018, the Canadian federal government had released a consultation paper for comments that has potentially far-reaching implications for compliance with Canadian anti-money laundering (AML) requirements. At the recently concluded 17th Annual Forum on Anti-Money Laundering & Financial Crime in Toronto, some interesting observations were made by various speakers (including representatives from certain Canadian regulators). A number of these observations touched on topics covered by the above-mentioned consultation paper. This article sets out some key highlights.

AML regulations, Anti-money laundering, beneficial ownership, corporate transparency, enforcement and compliance, internal control, technology, virtual currency exchanges

Canadian government publishes consultation paper proposing wide-ranging amendments to anti-money laundering legislation

March 12, 2018 Occasional Contributors Accounting Systems and Controls, Business and Legal Issues, Finance and Accounting, Fraud and Corruption, Government Budget, Throne Speech and Plans, 0

Amendments might be coming to anti-money laundering legislation. The Canadian government recently published a consultation paper with proposals for wide-ranging amendments. On February 7, 2018, the Canadian federal government released a consultation paper for comments that has far-reaching implications for compliance with Canadian anti-money laundering requirements. The comment period on this paper ends on April […]

AML laws, Anti-money laundering, cross-border currency transfers, FinTech, FINTRAC, Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Canadian Anti-Money Laundering Law: What you need to know about compliance program requirements

February 1, 2018 Occasional Contributors Accounting Systems and Controls, Business and Legal Issues, Finance and Accounting, Fraud and Corruption, IT, Privacy and Security, Network, Systems and Data Security, 0

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Among other things, it is responsible for the enforcement of Canadian AML Law. In December 2017, FINTRAC released a revised guidance document relating to the compliance program requirements.

Anti-money laundering, Canadian Anti-Money Laundering Law, FINTEC, FINTRAC, FINTRAC Guidelines, Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Budget 2017 focus on anti-money laundering and anti-terrorist financing

July 13, 2017 Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) Announcements and Administration, Business and Legal Issues, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management, Fraud and Corruption, Government Budget, Throne Speech and Plans

Given recent issues, it is no wonder that anti-money laundering and anti-terrorist financing (AML/ATF) received significant attention in this year’s federal budget (“Budget 2017”). Organizations can expect changes to the AML/ATF regime, and should monitor developments in this area.

Anti-money laundering, anti-terrorist financing, budget, Financial Transactions and Reports Analysis Centre of Canada, FINTRAC, FINTRAC Guidelines, heads of international organizations, HIOs, PEPs, Politically Exposed Person, Proceeds of Crime (Money Laundering) and Terrorist Financing Act

The Canadian real estate market: Affordability and money laundering

July 11, 2017 Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) Business and Legal Issues, Finance and Accounting, Financial Compliance / Planning / Management, Fraud and Corruption

Although Canada has a robust anti-money laundering and anti-terrorist financing regime, there is much room for improvement. Real estate may be an easy way for criminals to launder money. According to Transparency International, this is a major problem in several countries, including Canada. A recent report looks at the main problems related to real estate and money laundering in Canada, the United Kingdom, Australia, and the United States. It concludes that current rules and practices are inadequate to mitigate the risks and detect money laundering in the real estate sector.

Anti-money laundering, anti-terrorist financing, Financial Transactions and Reports Analysis Centre of Canada, FINTRAC, FINTRAC Guidelines, heads of international organizations, HIOs, PEPs, Politically Exposed Person, Proceeds of Crime (Money Laundering) and Terrorist Financing Act, real estate

Anti-money laundering and anti-terrorist financing developments

July 10, 2017 Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) Announcements and Administration, Business and Legal Issues, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management

New anti-money laundering and terrorist financing guidelines by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) are now in force. FINTRAC recently released new guidelines in respect of politically exposed persons and Heads of International Organizations. The Guidelines were effective June 17, 2017, and complement new regulatory provisions which came into force on June 17, 2017, under the Proceeds of Crime and Terrorist Financing Act.

Anti-money laundering update: Politically exposed persons

January 30, 2017 Occasional Contributors Accounting Systems and Controls, Accounts payable and receivable, Business and Legal Issues, Competition, Corporate Administration, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management, Fraud and Corruption, Income Tax Planning / Tax Schedules / Remittances, Leadership and Management, Payroll and Personnel Management, Records Management and Retention, Sales, Marketing and Operations

On December 20, 2016, the Financial Transactions and Reports Analysis Centre of Canada released new guidelines in respect of politically exposed persons and heads of international organizations. A separate guideline was released for each of financial entities, securities dealers, life insurance companies, agents and brokers and money services businesses. The Guidelines will be effective June 17, 2017.

Anti-money laundering, Financial Transactions and Reports Analysis Centre, FINTRAC, heads of international organizations, money laundering update, politically exposed persons, Proceeds of Crime (Money Laundering) and Terrorist Financing Act