Fintechs Canada responded to the government’s proposed amendments to Canada’s Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regime. In its response, the association identified parts of the government’s proposed regulations that require further clarification.
To ensure that Canada’s AML/ATF regime remains relevant and effective against new risks and threats, the government is introducing five separate measures:
- Introducing a new sanctioned property reporting requirement for reporting entities.
- Mandating domestic Money Service Businesses to submit criminal record checks for key personnel to FINTRAC.
- Requiring acquirers offering cash withdrawal services for White-Label ATMs to follow new obligations.
- Making title insurers reporting entities under Canada’s AML/ATF regime.
- Requiring casinos to report beneficiaries of disbursements over $10,000.
In its letter, Fintechs Canada asked the government to clarify some of the requirements in guidance, as guidance can help promote timely and effective compliance.
“Now more than ever, small and mid-sized businesses are facing greater AML/ATF compliance requirements and face significant financial and reputational consequences if they do not comply,” the letter states. “For the smallest businesses, it can be challenging to keep up with the evolving regulatory and legislative changes.”
For the association’s submission, click here.
