News

FINTRAC released its first Terrorist Financing Assessment 2018

FINTRAC released its first Terrorist Financing Assessment 2018 which provides a baseline assessment of the terrorist activity financing risks presented by various countries and terrorist organizations within those countries. Terrorist Financing Assessment: http://www.fintrac-canafe.gc.ca/intro-eng.asp
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Amendments to the Canada Business Corporations Act, which recently received Royal Assent as part of Budget Implementation Act No. 2.

These amendments set out criteria for identifying individuals with significant control over a corporation. It also sets out a requirement for a corporation that meets certain criteria to keep a register of individuals with significant control and requirements respecting the information to be recorded in it. Finally, it includes applicable offences and punishments. The amendments…
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New Oversight Framework for Retail Payments

On July 7, 2017, the Department of Finance released the attached consultation paper that may have an impact on all entities that are involved in the retail payment space to ensure that with the evolution of the retail payments ecosystem enabled by technological advancement, payment services remain reliable and safe for end users To review…
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The OSC has announced a new national Instrument 93-101

The OSC has announced a new national Instrument 93-101 to deal with the Code of Conduct for all businesses offering or advising clients in over-the-counter derivatives products. All MSB's who offer Forward FX Contracts or Currency Options will be affected by this legislation. (more…)
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Ontario Securities Commission Staff Notice 91-704

ONTARIO SECURITIES COMMISSION STAFF NOTICE 91-704 COMPLIANCE REVIEW PLAN FOR OSC RULE 91-507 TRADE REPOSITORIES AND DERIVATIVES DATA REPORTING MSBs who trade in derivative instruments, including forward agreements, will want to be aware of the Ontario Securities Commission’s project  to review compliance by derivatives dealers with the new OTC derivatives trade reporting requirements.  Announced in…
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Milken Institute Report on De-Risking

"De-Risking" and Its Consequences for Global Commerce and the Financial System On March 4, 2015, the Milken Institute Center for Financial Markets (CFM) hosted a day-long roundtable, Global Correspondent Banking: "De-Risking" and Its Consequences for Global Commerce and the Financial System, with AML/CFT policymakers, regulators, financial institutions, affected parties, and experts in order to explore…
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REGULATORY IMPACT ANALYSIS STATEMENT

Vol. 149, No. 27 — July 4, 2015 Regulations Amending Certain Regulations Made under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, 2015 Statutory authority Proceeds of Crime (Money Laundering) and Terrorist Financing Act Sponsoring department Department of Finance REGULATORY IMPACT ANALYSIS STATEMENT (This statement is not part of the Regulations.) Issues Canada’s…
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