June 12 2018
The wait is over. On June 9, 2018, the Department of Finance (Department) released the long-awaited amendments to the regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) (Revised Regulations). Highlights include the regulations of virtual currencies, businesses providing foreign money services and pre-paid products.
- In addition, the life insurance sector is to become subject to the same requirements as other financial entities in respect of any loan or pre-paid products that they offer. While the identity verification requirements are less burdensome, the record-keeping requirements have expanded dramatically, especially for electronic funds transfers, including a new requirement to verify the identity of beneficiaries for electronic funds transfers of over C$1,000.