Changes to Reporting Entities Obligations

Changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and phase 1 changes of its associated regulations will affect reporting entity obligations, including reporting, record keeping, client identification and implementing a compliance regime. These changes were finalized and the related regulations were published in June 2007. Links to each are available on our Regulations page.

Most of the changes will come into effect on June 23, 2008. Get more information about how changes will affect each reporting entity sector.

A second phase of regulations was pre-published on June 30, 2007, for a 30-day consultation period. These are mostly about administrative monetary penalties and requirements for new sectors (British Columbia notaries, legal counsel and legal firms, and dealers in precious metals and stones).

The regulations for that second phase are now being finalized. Once they are finalized, details will be available about when the changes for that second phase come into effect. This information and other guidance concerning how the changes will affect reporting entity obligations will be provided on FINTRAC’s Web site as soon as possible following the final publication of the Regulations. In addition, once the proposed changes for that second phase are finalized, links to the related Regulations will be available on our Regulations page.

A third phase of changes is also proposed in regulations pre-published on October 6, 2007, for a 30-day consultation period. These include additional requirements for casinos and new requirements for real estate developers. Comments on those proposed amendments for the third phase of changes may be sent to the Department of Finance by email at fcs-scf@fin.gc.ca. Once those regulations are finalized, details will be available about when the changes come into effect for that third phase.

http://gazetteducanada.gc.ca/partI/2007/20071006/html/regle1-e.html

View the pre-published Regulations from the Canada Gazette in .pdf format (PDF version, 739 kb)