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ARTICLE · 09 MARCH 2023

Further Proposed Changes To Canadas AML Regime

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On February 18, 2023, the Department of Finance announced proposed changes (the "Amendments") to regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the "PCMLTFA").

CanadaFinance and Banking
Koker Christensen
Koker Christensen
Caitlin Sabetti
Caitlin Sabetti
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On February 18, 2023, the Department of Finance announced proposed changes (the "Amendments") to regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the "PCMLTFA"). The Amendments aim to address money laundering concerns raised by the Government of British Columbia (as well as the Cullen Commission) and the 2018 Parliamentary Review Report from the House of Commons Standing Committee on Finance. They are subject to a 30-day consultation period, which runs until March 20, 2023.

New Obligations for Armoured Car Sector and Mortgage Lending Entities

The Amendments would bring businesses in the armored car sector and mortgage lending entities within the scope of the PCMLTFA. As a result, these entities would be subject to a number of compliance obligations, including those related to developing a compliance program, client identification, reporting and record keeping.

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