On June 1, 2021, amendments to certain Regulations made under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (“PCMLTFA”) (the “amended Regulations”) came into force. On May 18, 2021, FINTRAC published their Notice on the assessment of amended Regulations, and granted reporting entities forbearance until December 1, 2021, to update their compliance programs and reporting systems and practices. FINTRAC will begin to assess compliance with the amended Regulations as of April 1, 2022.
So, what’s next?
The AML Shop’s Marcelle Dadoun (AML Advisor) insightfully explains what is to come as of December 1st, 2021, in regards to Reporting Obligations, Compliance Program Updates, FINTRAC Examinations, Travel Rule Obligations, and Important Dates to Remember.
Read this important article below.