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FINTRAC

By McCarthy Tétrault LLP | 6 Minutes Read August 23, 2021

The Bank for International Settlements issues paper on the regulation of digital payment services and e-money

In early July 2021, the BIS issued a paper on the regulatory requirements for digital payment and e-money services offered by non-bank service providers (“non-banks”). The paper addresses the proliferation of non-banks in retail payments and the questions that are related to their regulation.

Article by McCarthy Tétrault LLP / Business, Finance and Accounting / An Act Respecting Retail Payment Activities, Anti-money laundering, Bank for International Settlements, BIS, counter terrorism financing, digital payment, digital payment services, e-money, electronic funds, FINTRAC, internal control, non-bank service providers, non-banks, Retail Payment Activities Act, risk management

By Occasional Contributors | 4 Minutes Read April 23, 2020

Tales of a unified corporate registry: Canada's effort to counter and reduce the misuse of corporate vehicles

On February 13, 2020, the Government of Canada announced a national consultation strategy which seeks to examine methods to strengthen corporate transparency across the country. Announced through the release of the "Strengthening Corporate Beneficial Ownership Transparency in Canada" report, the consultation focuses on how to bolster law enforcement efforts to counter and reduce the misuse of corporate vehicles involved in money laundering, terrorist financing and tax evasion.

Article by Occasional Contributors / Business / Anti-money laundering, corporate transparency, FINTRAC, misuse of corporate vehicles, money laundering, Proceeds of Crime (Money Laundering) and Terrorist Financing Act, Security of Canada Information Disclosure Act SoCIDA, tax evasion, terrori, terrorist financing

By McCarthy Tétrault LLP | 2 Minutes Read January 10, 2020

FINTRAC updates guidance on verifying the identity of individuals and other entities

Following consultations with businesses and reporting entities, FINTRAC has updated its guidance on Methods to verify the identity of an individual and confirm the existence of a corporation or an entity other than a corporation (the “Guidance”) effective October 2019. The updated guidance reflects amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations that came into force on June 25, 2019.

Article by McCarthy Tétrault LLP / Business, Finance and Accounting / FINTRAC, money laundering, Proceeds of Crime (Money Laundering) and Terrorist Financing Act, terrorist financing, Terrorist Property Reports

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