Changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and phase 1 changes of its associated regulations will affect reporting entity obligations, including reporting, record keeping, client identification and implementing a compliance regime. These changes were finalized and the related regulations were published in June 2007. Links to each are available on our Regulations page.
Most of the changes will come into effect on June 23, 2008. Get more information about how changes will affect each reporting entity sector.
A second phase of changes was finalized and the related regulations were published in December 2007. Links to each are available on our Regulations page. These changes are mostly about administrative monetary penalties and requirements for new sectors (British Columbia notaries, legal counsel and legal firms, and dealers in precious metals and stones). They will come into effect December 30, 2008.
A third phase of changes was also finalized and the related regulations were published in February 2008. Links to each are available on our Regulations page. These changes are mostly about new requirements for real estate developers effective February 20, 2009 and additional requirements for casinos effective September 28, 2009.
A fourth phase of changes was also finalized and the related regulations were published in June 2008. Links to each are available on our Regulations page. These changes are mostly about administrative monetary penalties, record keeping and client identification exemptions, and record keeping time frames. The changes affecting administrative monetary penalties will be effective December 30, 2008. The rest are effective June 23, 2008.
