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ARTICLE · 02 MAY 2022

FINTRAC Retracts Merchant Servicing And Payment Processing Exemptions

Osler, Hoskin & Harcourt LLP
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On April 27, 2022, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued a notice that the recent amendments to the Proceeds of Crime (Money Laundering)...

CanadaGovernment, Public Sector
Victoria Graham
Victoria Graham
Elizabeth Sale
Elizabeth Sale
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On April 27, 2022, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued a notice that the recent amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations and the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations  (the April Amendments) are now in force. The April Amendments, which we have previously written about, repeal a key portion of the definition of "electronic funds transfer" (EFTs) that excluded certain funds transfers carried out by means of a credit card, debit card, or prepaid payment product. Those types of credit, debit and prepaid payment product funds transfers are considered to be electronic funds transfers under the amended regulations, and foreign and domestic money services businesses (MSBs) now have additional verification, reporting and recordkeeping obligations in respect of such funds transfers. Financial entities and casinos

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