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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

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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