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WEBINAR - Sweeping Changes to Canadian AML Legislation...and Job Security for Compliance Professionals

Please join Matt McGuire and The AML Shop to review proposed changes to AML Legislation and how it may impact you or your organization.

The evolution of Canada's AML standards is unrelenting.  While waiting for the release of regulations to give force to laws for dealers in virtual currencies and prepaid cards, the Department of Finance instead issued yet another consultation.  But this consultation proposes extensive changes to Canada's regime, from adding many new classes of reporting entities to changing the ways we deal with transactions, and how individual Canadians are impacted.

Registration is free!!!

Proposed new businesses and sectors or persons in Canada that could be covered by the regime’s provisions include:

  • Financing, leasing and factoring companies
  • Land registries and title insurance companies
  • Company service provider
  • Mortgage insurers
  • Non-federally regulated mortgage lenders
  • The white-label ATM industry
  • Pari-mutuel or horse racing sector
  • Auto dealers
  • Armoured car companies and;
  • Jewellery auction houses

Apart from bringing all those new entities into the fold, the document seeks comment on these proposals:

  • Structuring transactions would be illegal
  • FX and remittance thresholds for ID harmonized
  • Reporting of pass-through EFT
  • Limits on the amount of cash a person can bulk carry (!)
  • Geographic targeting orders
  • Cross-border declarations for precious metals and stones and prepaid cards
  • Sandbox discretion for FINTECHs
  • Formulaic approaches built into the legislation for AMPs (not just maximums)
  • Uniform timelines for report filing and;
  • Removal of large cash exemptions

Comment is sought by April 30, 2018, which means legislation could come into force in July 2019.  

Join Matt McGuire and the AML Shop for this free webinar where we'll explore the changes, discuss the ways it would impact your organizations, and how you might prepare. 

Registration is free!!!

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