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New anti-money laundering/anti-terrorist financing (AML/ATF) requirements associated with record-keeping and reporting to FINTRAC

Stay informed of the new AML/ATF regulations as of June 1, 2021 which impact CPAs engaged in activities covered by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

To keep CPA Canada members apprised of recent legislative and regulatory changes affecting the profession, we are publishing a short series of articles identifying some of the key requirements that accountants and accounting firms should be aware of.

This article provides an overview of recent changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) regulations, which have implications for accountants and accounting firms involved in triggering activities with obligations under the PCMLTFA, including related recording-keeping and reporting requirements.

Generally, accountants and accounting firms engaged in triggering activities have obligations including implementing a compliance program, applying the “know your client” rules (which were described in our previous article, Anti-money Laundering/Anti-terrorist Financing (AML/ATF) Developments: New “Know Your Client” AML/ATF Rules for CPAs, keeping records, and reporting to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as required.

Links to FINTRAC guidance documents related to the topics covered in this article have been provided and accountants and accounting firms are encouraged to keep abreast of upcoming changes and additional information as announced by FINTRAC.

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