Get ready Cheque Cashers and Finance, Leasing and Factoring Companies - an accelerated timeline for establishing and implementing your compliance plan has been announced.
On March 7th, Canada’s Department of Finance announced regulatory amendments under the PCMLTFA (Proceeds of Crime, Money Laundering and Terrorist Financing Act) that included a coming into force date of April 1st, 2025 instead of the original proposed date of October 1st, 2025.
This means as of April 1st, you must initiate your registration with FINTRAC and implement compliance programs, which include a written risk assessment, written policies and procedures and KYC measures, having systems in place for transaction reporting, as well as keeping the appropriate records.
We can help your business get up to speed swiftly with FINTRAC registration as well as with getting your compliance program in line. Reach out to an AML Compliance expert today at contactus@theamlshop.ca and we will get back to you promptly to discuss!