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Regulatory amendments in force as of June 1, 2021

The changes to the Regulations made under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act announced in the Canada Gazette in July 2019 and June 2020 are in force as of June 1, 2021. These changes help strengthen Canada's anti-money laundering and anti-terrorist financing regime by closing certain gaps, such as those stemming from technological advances.

At a high level, the changes include, but are not limited to, the following:

FINTRAC's guidance has been updated to reflect these requirements.  

FINTRAC expects reporting entities (REs) to comply with the amendments, but understands that many may face challenges in meeting these obligations. For further information on how FINTRAC will assess compliance with the new requirements, please consult the May 18, 2021 Notice on the assessment of obligations coming into force on June 1, 2021. Furthermore, additional flexibilities that are being provided by FINTRAC on an exceptional and transitionary basis can be found by consulting the November 16, 2020 Notice on forthcoming regulatory amendments and flexibility.

FINTRAC would like to thank the businesses that have provided input on the implementation of the new requirements and on the related guidance. With their feedback, FINTRAC has been able to create better products that support our common goal of having a strong anti-money laundering and anti-terrorist financing regime that keeps our financial system secure.

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