Financial Transactions and Reports Analysis Centre of Canada
http://www.fintrac-canafe.gc.ca
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Presentations to Reporting Entities
New PCMLTFA Obligations
Casinos
April 2008
Table of Contents
- Presentation Overview
- Objectives of New Requirements
- Changes to Reporting
- Changes to Client Identification and Record Keeping
- EFTs – Originator Information & Travel Rule
- Changes to Compliance Regime
- Administrative Monetary Penalty Regime
- Other Information
Presentation Overview
Slide 1: Presentation Overview
- Introduction
- Objectives of New Requirements
- Changes to Reporting
- Changes to Client Identification and Record Keeping
- Changes to Compliance Regime
- Administrative Monetary Penalty Regime
- Other Information
Slide 2: Introduction
- The PCMLTFA was amended in December 2006, authorizing the creation of new requirements through its related regulations :
- Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations
- Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations.
- Most new requirements become effective on June 23, 2008
Objectives of New Requirements
Slide 3: Objectives of New PCMLTFA Requirements
- Strengthen existing AML/ATF regime and build on FINTRAC’s experience
- Address existing gaps in the legislation and regulations
- Enhanced detection and deterrence of money laundering and terrorist financing
- Make illicit transactions more difficult to conduct
- Greater impact against organized crime and terrorists
