Introduction
As new technology introduces new means of transferring funds and
generates unprecedented volumes of transactions globally,
regulators are watching closely as opportunities for illicit
transactions also emerge.
To address these and other related developments, a number of
amendments to the regulations under the Proceeds of Crime
(Money Laundering) and Terrorist Financing Act (PCMLTFA) were
published in the Canada Gazette in 2019 and 2020, the bulk of which
will come into force on June 1, 2021. Taken together, these
amendments effect a sizeable overhaul of the anti-money laundering
and anti-terrorist financing (AML/ATF) regulatory landscape in
Canada.
Osler's Financial Services Regulatory Group has developed a
client guide with a focus on the changes coming into force on June
1 that will be of most interest to entities with obligations under
the PCMLTFA. The guide is divided into two parts: Part 1 sets out
changes of general application while Part 2
