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ARTICLE · 10 MAY 2022

Immediate And Permanent Changes To Canada's Anti-Money Laundering Laws

Borden Ladner Gervais LLP
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Further to our recent article in which we put payment service providers, fintechs and crowdfunding platforms on notice about coming anti-money laundering (AML) and...

CanadaGovernment, Public Sector
Cindy Zhang
Cindy Zhang
Olivier Tardif
Olivier Tardif
Stephen Redican
Stephen Redican
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Impacts to crowdfunding services, certain fintechs and payment service providers

Further to our recent article in which we put payment service providers, fintechs and crowdfunding platforms on notice about coming anti-money laundering (AML) and anti-terrorist financing (ATF) legislative changes, the federal government published the first of these changes in the Canada Gazette on April 27, 2022. 

The changes came into force on April 5, 2022, through the enactment of the Regulations Amending 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 Amendments). Below we identify the main impacts the Amendments have on the previously existing federal AML and ATF regime. All new businesses impacted by the Amendments now have to promptly register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and

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