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ARTICLE · 10 MAY 2022

Payment Services And Crowdfunding Services Are Now Regulated Under Canada's Anti-money Laundering Framework

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These changes will likely have significant implications for services offering crowdfunding, payment processing, as well as existing money services businesses.

CanadaGovernment, Public Sector
Michael Garellek
Michael Garellek
Glen Jennings
Glen Jennings
Kavivarman Sivasothy
Kavivarman Sivasothy
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On April 5, 2022, changes affecting the Canada's anti-money laundering legislation, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, S.C. 2000 c 17 (the "PCMLTFA"), were published in the Gazette.

These changes, which were initially an emergency response to the protest convoys occupying major Canadian urban areas, are now permanently in force, modifying important aspects of the PCMLTFA's main regulation, SOR/2002-184. These changes will likely have significant implications for services offering crowdfunding, payment processing, as well as existing money services businesses ("MSB").

A summary of the changes made in the Regulation is available below, but as a brief overview:

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