Category: Banking

FINTRAC Reveals Its Secret Formula for Determining “Harm Done”, Calculating AMP Amounts

September 10, 2019

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently released its interpretation of the term “harm done” in the context of violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its associated regulations (Regulations). The “harm done” guidance should be read together with the administrative monetary penalties policy (AMP Policy) issued by FINTRAC…

Is CBA’s New Voluntary Code of Conduct the Golden Rule for Banks Serving Canadians in Their Golden Years?

July 29, 2019

On July 25, 2019, the Canadian Bankers Association (CBA) released its voluntary Code of Conduct for the Delivery of Banking Services to Seniors (Seniors Code), which was adopted by its member banks. Such voluntary codes of conduct are non-legislated commitments that CBA member banks make to the public, and compliance with these codes is overseen by the Financial Consumer Agency…

Revamping Canada’s Anti-Money Laundering Rules: What’s New, What’s Changed and What It Means for Business

July 3, 2019

Since the proposed amendments to the regulations (Regulations) to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) were released in June 2018, regulated entities (REs) have been anxiously awaiting the final version of the Regulations, after numerous rounds of consultations with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The suspense has now ended. Although…

Changes to Monthly Sanctions Reporting Requirement

May 13, 2019

Recently, the federal government published amendments to the regulations made under the United Nations Act (UN Act) and the Special Economic Measures Act (SEMA), Canada’s key sanctions legislation. Among other changes, the amendments modify the monthly sanctions reporting obligation for Canadian-regulated financial institutions and securities dealers. On May 10, 2019, the Office of the Superintendent of Financial Institutions (OSFI) issued…

Your Guide to the 2019 Federal Budget

March 22, 2019

On March 19, 2019, the Government of Canada released its 2019 budget (2019 Budget) before the federal election later this year. We’ve summarized the key aspects from the 2019 Budget that may impact your business.  For tax changes, including proposed changes to the excise taxation of cannabis extracts (including oils), cannabis edibles and cannabis topicals, please see 2019 Federal Budget – Selected Tax…

2019 Federal Budget: Financial Services Highlights

March 22, 2019

On March 19, 2019, the Government of Canada released its 2019 budget plan (2019 Budget) before the federal election later this year. The 2019 Budget includes several proposals that impact federally regulated financial institutions. The legislation implementing these proposals is not released yet and is expected to follow later in 2019. The key proposals are outlined below. OPEN BANKING The…

2019 Federal Budget – Selected Tax Measures

March 20, 2019

On March 19, 2019, the Minister of Finance introduced Canada’s 2019 federal budget (2019 Budget). The government had already signalled that the primary focus of the 2019 Budget would not be business concerns as those had been largely addressed in the 2018 Fall Economic Statement. Given that 2019 is an election year, that should not be surprising. Nonetheless, the 2019…

FINTRAC: All Amped Up

February 11, 2019

On February 8, 2019 the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), in an initiative to increase the transparency of its compliance regime, released new guidance materials to assist regulated entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) in their compliance efforts. While FINTRAC provides that the new materials are not intended to…

Annual Review of Federal Financial Institution Legislation

February 1, 2019

In 2018, financial institutions in Canada witnessed yet another year of significant expansion in legislation and regulatory guidance impacting their operations. Key developments in 2018 included the conclusion of the statutory review of federal financial sector legislation, the introduction of a new federal consumer protection framework, a new wave of proposed amendments to the anti-money laundering legislation, finalization of the…

New Guidance from FINTRAC: Expanding Suspicious Transaction Requirements

January 21, 2019

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently updated its industry guidance in respect of suspicious transaction reporting (Guidance) and released: Transaction reporting requirements Reporting suspicious transactions to FINTRAC What is a suspicious transaction report? While the Guidance is helpful in that it sets out FINTRAC’s expectations surrounding the filing of suspicious transaction reports (STRs), because FINTRAC…