Changes to anti-money laundering rules create uncertainties and capture virtual currencies

Changes to anti-money laundering rules create uncertainties and capture virtual currencies

September 17, 2019

Financial entities must revamp policies and procedures to adhere to new regulations in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, that was announced in July by the Department of Finance. One of the most significant changes involves the regulation surrounding the reporting of suspicious transactions from “within 30 days” to “as soon as reasonably practicable.”

“This is a hot-button issue,” says Karen Bannon, chief compliance officer for corporate payments at FLEETCOR Companies, Cambridge Global Payments & Comdata, told Canadian Lawyer Magazine. “With this subjective analysis of when something becomes suspicious, it becomes very difficult from a systems perspective to say ‘okay, file today or file tomorrow’. It would be better in my view to have a specific date because then you can make a calculation and the system tracks it and sends you reminders.”

Read the full article here: https://bit.ly/2kOmvfN

For further information, please contact Cambridge Global Payments

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