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ARTICLE · 22 JUNE 2022

Anti-Money Laundering Rules Expanded To Include Payment Service Providers And Crowdfunding Platforms

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Payment service providers and crowdfunding entities that were not previously subject to anti-money-laundering (AML) and anti-terrorist financing (ATF) legislation in Canada...

CanadaGovernment, Public Sector
Simon Grant
Simon Grant
Karly Descoteaux
Karly Descoteaux
Asif Zalfackruddin
Asif Zalfackruddin
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Payment service providers and crowdfunding entities that were not previously subject to anti-money-laundering (AML) and anti-terrorist financing (ATF) legislation in Canada should be aware of changes that came into force April 5, 2022 to the regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), repealing key provisions of the definition of electronic funds transfers (EFTs) and expanding the scope of applicable Canadian AML and ATF legislation and reporting obligations to include a wider variety of payment services and merchant settlement activities (collectively, the Amendments).

The Amendments follow the "freedom convoy" protests that we previously wrote about in Mareva Injunction over Cryptocurrencies in the Freedom Convoy Class Action.

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