Proceeds of Crime (Money Laundering) and Terrorist Financing Act
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,
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
February 13, 2018 Occasional Contributors Accounting Systems and Controls, Finance and Accounting, IT, Privacy and Security,
As predicted in our 2016 year-end report, 2017 proved to be a busy year for Fintech in Canada, with a number of important regulatory developments. With the dawn of 2018, we look back to summarize some of 2017’s most notable Fintech regulatory developments in Canada, as well as developments to watch for in 2018.
big data, Bitcoin, cryptocurrency, CSA regulatory sandbox, FinTech, Fintech ecosystem, Fintech regulatory developments, Proceeds of Crime (Money Laundering) and Terrorist Financing Act
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,
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
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
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
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, 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
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
September 30, 2016 Occasional Contributors Business and Legal Issues, Corporate Administration, Corporate Governance, Fraud and Corruption, Leadership and Management, Records Management and Retention
A recent Mediation Settlement from the BC Privacy Commissioner has raised an issue of particular interest to law firms, and other organizations which must meet “Know Your Client” requirements. The item is brief, but seems to suggest that free legal advice doesn’t trigger the “Know Your Client” provisions imposed by various Law Societies for compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. According to this Mediation Settlement, only paid legal advice triggers that obligation.
client ID requirements, Client Identification And Verification Requirements For Lawyers, paid legal advice, Personal Information Protection Act, Proceeds of Crime (Money Laundering) and Terrorist Financing Act, Rules of Professional Conduct, solicitor and client relationship, solicitor-client privilege, “Know Your Client” requirements, “potential client” versus “client”
July 11, 2016 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
Final amendments to Regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act released.
Anti-money laundering, Electronic signatures, financial entities and securities dealers, FINTRAC, money laundering offence, Proceeds of Crime (Money Laundering) and Terrorist Financing Act, risk assessment, risk management, suspicious transaction, terrorist activity financing offence
March 16, 2015 Adam Gorley Accounting Systems and Controls, Business and Legal Issues, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management, Fraud and Corruption, IT, Privacy and Security, Leadership and Management, Privacy Compliance and Management, Records Management and Retention
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…
agents of the state, archives for the police and prosecution, Canada v. Federation of Law Societies of Canada, canadian charter of rights and freedoms, Charter, commitment to the client's cause, FATF, Federation of Law Societies of Canada, Financial Action Task Force, financial intermediaries, Financial Transactions and Reports Analysis Centre of Canada, FINTRAC, fraud, lawyers, legal compliance, legal profession, money laundering, principle of fundamental justice, Proceeds of Crime (Money Laundering) and Terrorist Financing Act, receipt of funds record, record keeping, security of the person, solicitor-client privilege, supreme court, terrorist financing, unreasonable search and seizure, warrantless searches
