Contact: Aamir Mirza
BULLETIN #0273 – M
Senior Legal & Policy Counsel
August 8, 2007
Phone: (416) 945-5128
For Distribution to Relevant Parties within your Firm
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (“Act”)
and Regulations (“Regulations”) – Changes to Obligations for Reporting Entities
Amendments have been made to the Act and Regulations that will change certain obligations of
securities dealers (including MFDA Members). Final details with respect to these amendments
as well as new regulations were recently published.
Changes applicable to securities dealers fall into four categories and, unless otherwise specified,
come into effect on June 23, 2008.
• Suspicious transaction reports; and
• Large cash transaction reports.
2. Record Keeping and Client Identification:
• General exemptions;
• Client identification requirements;
• Beneficial ownership requirements;
• Politically exposed foreign persons;
• Other changes at account opening; and
• Date of birth on record.
3. Changes Affecting Your Compliance Regime;
4. Foreign Subsidiaries or Branches.
A useful summary of the changes that will apply has been posted to the FINTRAC website.
Members are encouraged to review this summary to gain a better understanding of their revised
For further information with respect to the changes noted above, please go to the FINTRAC
website at: http://www.fintrac-canafe.gc.ca/re-ed/sc/PDF/sd-cvm-eng.pdf.
More information about each change will be available in updates to FINTRAC’s guidelines
available on FINTRAC’s Web site throughout the fall of 2007 and the winter of 2008.