PROCESSING...
Earlier this week I was approached by a client with whom we had completed a full overhaul of their Risk Assessment documentation, which occurred about 3-4 months ago. The project was completed with excellent results, and from all accounts, an ideal outcome. Mainly, the client was satisfied with the deliverable, felt more confident in the status of their overall compliance program, and was a delight to work with.
On March 26, 2025 final amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations were officially published in the Canada Gazette (SOR/2025-68). This round of anticipated changes introduces three company types that will become reporting entities. Below, we summarize the requirements that Factoring Companies will have to comply with as of April 1, 2025.
On March 26, 2025 final amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations were officially published in the Canada Gazette (SOR/2025-68). This round of anticipated changes introduces three company types that will become reporting entities. Below, we summarize the requirements that Financing and Leasing Entities will have to comply with as of April 1, 2025.
Read more on New Reporting Entity: Financing and Leasing Entities…
On March 26, 2025 final amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations were officially published in the Canada Gazette (SOR/2025-68). This round of anticipated changes introduces three company types that will become reporting entities. Below, we summarize the requirements that cheque cashing businesses, who will be classified as either domestic or foreign money services businesses (MSBs), will have to comply with as of April 1, 2025.
BackgroundOn March 26, 2025 final amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations and creation of a new regulation were officially published in the Canada Gazette (SOR/2025-67 and SOR/2025-68). This round of anticipated changes introduces three company types that will become reporting entities. Additionally, the amendments bring in changes related to reporting of goods, information sharing, and beneficial ownership discrepancy reporting.
As compliance geeks, we’re compelled to open with some important caveats. This post is made by Outlier Compliance Group, which is a private consulting firm, and does not speak in any official capacity for the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada’s anti-money laundering (AML) regulator. If FINTRAC indicates something that does not align with the views expressed here, it’s safe to assume that their position is the correct one (and if that’s the case, please let us know).
Read more on FINTRAC Information Requests for Bitcoin ATM Operators…
BackgroundOn January 1, 2025 final amendments to regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act were published in the Canada Gazette (SOR 2024-266 and SOR 2024-267). The most noteworthy changes fall under the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. The final amendments include changes or new requirements related to:
BackgroundOn November 30, 2025 draft amendments to the regulations under the Proceeds of Crime Money Laundering and Terrorist Financing Act (PCMLTFA) were published in the Canada Gazette.
In the interest of time, we have published this blog summarizing what we feel to be the most noteworthy amendments but will follow up with a redlined version of the regulations, with new content showing as tracked changes, at a later date.
The Outlier team is thrilled to announce that Suzie Fernandes has been promoted to the position of Chief of Staff.
Suzie joined the Outlier team in 2018. Her ability to be meticulously organized has played a key role in our growth. Her knack for analyzing situations and determining what’s needed to keep the Outlier team moving forward has us excited about her having a more hands-on role in the company maintaining many of our day-to-day operations.
Read more on Outlier Team Update: Promoting Suzie Fernandes…
By now, you have likely heard of the Retail Payment Activities Act (RPAA) and associated incoming requirements, which includes the requirement to register with the Bank of Canada (BOC). To help make this a bit easier, Outlier has put together a spreadsheet that will help if you are an organization that needs to register. The RPAA (including registration) generally applies to PSPs that perform any of the following five payment functions:
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