A guide to the June 1, 2021 changes
The changes touch on the following areas:
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new virtual currency obligations for all reporting entities
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new definitions under the PCMLTFA
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identification and reporting obligations regarding politically exposed persons and heads of international organizations
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obligations for foreign money services businesses
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prepaid card obligations for financial entities
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beneficial ownership reporting obligations for all reporting entities
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recordkeeping and reporting changes for all reporting entities
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the 24-hour rule
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business relationship screening requirements
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ongoing monitoring requirements
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identification methods for know-your-client checks
Download the complete guide to the June 1, 2021 changes