Davidson Consolidated Proceeds of Crime - What's New 2021
The 2021 edition of Consolidated Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and Regulations features updated legislation and regulatory materials.
The Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations were amended significantly and key amendments include:
The majority of the Regulations will be in force on June 1, 2021; however, certain measures came into force on June 1, 2020.
In June 2020, additional amendments to the Regulations under the PCMLTFA were finalized to apply stronger customer due diligence requirements and beneficial ownership requirements to designated non-financial businesses and professions (DNFBPs); modify the definition of business relationship for the real estate sector; align customer due diligence measures for casinos with international standards; align virtual currency record-keeping obligations with international standards; clarify the cross-border currency reporting program; clarifying a number of existing requirements; and make minor technical amendments.
Davidson Consolidated Proceeds of Crime - What's New 2021
The 2021 edition of Consolidated Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and Regulations features updated legislation and regulatory materials.
The Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations were amended significantly and key amendments include:
The majority of the Regulations will be in force on June 1, 2021; however, certain measures came into force on June 1, 2020.
In June 2020, additional amendments to the Regulations under the PCMLTFA were finalized to apply stronger customer due diligence requirements and beneficial ownership requirements to designated non-financial businesses and professions (DNFBPs); modify the definition of business relationship for the real estate sector; align customer due diligence measures for casinos with international standards; align virtual currency record-keeping obligations with international standards; clarify the cross-border currency reporting program; clarifying a number of existing requirements; and make minor technical amendments.