Jun 10, 2021
Reporting entities subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act have changed or new obligations as a result of substantial regulatory amendments that came into effect on June 1. In an interview with reporter Lucy Saddleton of Canadian Lawyer, Osler’s Elizabeth Sale, a partner in the Banking and Financial Services group, emphasizes the importance of in-house counsel reviewing their organization’s policies in light of these amendments.
“It really is an overhaul of a lot of the day-to-day compliance requirements,” says Elizabeth. “A detailed look is required by counsel to ensure that companies have appropriately uplifted their policies, if they are in fact affected by this legislation.” Elizabeth goes on to say that in-house counsel should take the opportunity to review their policies and procedures and training requirements, and ensure they are reporting properly to remain in compliance with the amended legislation.
“It’s an issue of ensuring that companies are aware of their obligation and that they are doing that uplift because entities that have a smaller presence may not have the same strong cultural compliance that you would expect at a larger organization,” she says. “It’s important to make sure that you have a robust compliance program and that it is appropriately understood throughout the organization at the right levels.”
Read the full article in Canadian Lawyer.