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Inside Internal Controls

News and discussion on implementing risk management

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Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Canada moves forward with a remediation agreement regime

It is likely that many organizations will choose to enter into a remediation agreement with the hope of obtaining a stay of the charges and avoiding the risk of a lengthy prosecution and subsequent criminal conviction.

 

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

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.

 

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

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 […]

 

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Fintech regulatory developments: 2017 year in review

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.

 

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

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.

 

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

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.

 

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The Canadian real estate market: Affordability and money laundering

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.

 

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Anti-money laundering and anti-terrorist financing developments

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.

 

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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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BC Privacy Office says free legal advice doesn’t trigger client ID requirements

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.

 

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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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