This week, the expected final amendments to the PCMLTFA were announced. As expected the final amendments heavily cover mortgage entities, armoured cars and general currency movement.
The key issues as outlined the Canada Gazette include:
Renewing and improving Canada’s AML/ATF regime
A cost recovery framework for FINTRAC compliance and related activities
Obligations for the Armoured Car Sector
Obligations for Mortgage Entities
Strengthening Correspondent Banking Relationships
Increasing cross-border currency reporting penalties
Streamlining requirements for sending AMP’s documents to reporting entities
Enhancing the MSB registration framework
Technical amendments
Read the full amendments via the Canada Gazette.
Stay tuned to the AML Shop website and LinkedIn for further updates and commentary from our AML experts on how these changes may affect your business. And as always, if you need help navigating these amendments or any other AML related topic, reach out to one of our experts today at contactus@theamlshop.ca