The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), and its associated Regulations, has been updated and strengthened to better combat money laundering and terrorist financing activities.
Changes will be in effect as of June 17, 2017.
With all lump sum payments of $100,000 or more, you will be required to do the following:
Along with the documents currently required, you will also be asked to provide the following:
The requirements apply to universal life insurance policies and non-registered annuity contracts (including segregated funds contract).
As well, the following applications and forms are affected and the updated versions will be available in the Administration/Forms section on June 9:
More information, including transition rules, will be provided in early June. In the meantime, you can visit http://www.fintrac.gc.ca/publications/guide/guide-eng.asp to learn more about the amendments to the Act and Regulations.
You can also feel free to call us at 1-800-846-5970 between the hours of 8:00am and 7:00 pm ET, Monday to Friday.