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Payments & FinTech Lawyer

Canadian anti-money laundering update for the FinTech sector

In June 2018, the Canadian Department of Finance published wide-ranging draft amendments to regulations made under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act 2018 (‘PCMLTFA’), which will affect financial and non-financial entities that provide access to Canada’s financial system, including dealers in virtual currency and foreign money services businesses (‘MSBs’). The proposed amendments are subject to a 90-day review period. The final version of the amendments is expected to be published in the autumn of 2018, with implementation 12 months later in the autumn of 2019. Kashif Zaman, Partner at Osler, Horskin & Harcourt LLP, provides insight into the PCMLTFA and what the implications could be for Canadian FinTechs. The proposed amendments to the regulations were preceded by a consultation paper that was released in February 2018 and touched on a much broader set of potential changes. The fact that not all the potential changes discussed in the consultation paper have made their way into the proposed regulations does not mean that the Canadian Government has dropped those ideas. Instead, it is believed that a number of concepts covered in the paper may find their way into further regulations in the coming months. Kashif Zaman, Partner at Osler, Hoskin & Harcourt LLP, summarises some of the topics covered in the February consultation paper, as they relate to the FinTech sector, and some of the relevant changes in the proposed amendments to the PCMLTFA.

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