FINTRAC Regulatory Expectation in 2021
DescriptionTCAE is excited to invite Jacqueline Shinfield to the very first session of TCAE Knowledge Series webinar for 2021. We will start off the year with her insights on the regulatory trends and landscape in 2021 – with a specific focus on the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulatory expectations. In less than 6 months, the balance of the amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act will come into effect: most notably impacting virtual currency dealers and those engaged in sending and receiving electronic fund transfers (EFT). In addition, updated requirements on politically exposed persons (PEP), ongoing monitoring, and the travel rule will need to be addressed by reporting entities (RE).
- Expectations for virtual currency dealers as of June 1, 2021
- EFTs: compliance moving forward post June 1, 2021
- Understanding the new requirements effective June 2021 (PEPs/ongoing monitoring/travel rule)
- FINTRAC: understanding their expectations in respect of the new requirements