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Inside Internal Controls

News and discussion on implementing risk management

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FINTRAC

Anti-money laundering update: Politically exposed persons

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.

 

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Anti-money laundering updates

Final amendments to Regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act released.

 

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Lawyers’ commitment to clients’ cause a ‘principle of fundamental justice’

Lawyers are not required to collect client financial information, prepare reports on that information and submit to warrantless searches from the Financial Transactions and Reports Analysis Centre of Canada under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act

 

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Do you report your EFTs to FINTRAC?

Chances are you’re no stranger to electronic funds transfers. Broadly speaking, an EFT can mean any type of standard non-paper payment, including debit and credit card payments, email or wire money transfers (both domestic and international) and direct payroll deposits. Most organizations handle at least some of these transactions every day. The key question for businesses is: How do you keep track of these electronic transfers and, if necessary, register them with the Financial Transactions and Reports Analysis Centre of Canada?

 

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