Summary of Changes By Reporting Entity Sector

Final details about amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act as well as new regulations were recently published. These include upcoming changes that will affect record keeping, client identification and reporting obligations.

This is a summary of the changes applicable to each of the following reporting entity sectors:

Financial entities
Life insurance
Securities dealers
Real estate
Foreign exchange dealers and money services businesses
Accountants
Casinos

The changes will take effect on June 23, 2008, except as otherwise specified. More information about each change will be available in updates to FINTRAC’s guidelines available on FINTRAC’s Web site throughout the fall of 2007 and the winter of 2008.