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Financial services regulation in 2021: Back to business

Author(s): Victoria Graham, Elizabeth Sale, Haley Adams, Lawrence E. Ritchie

Dec 13, 2021

After the tumult of 2020, 2021 was marked by a return to regulatory functions, as well as growth in key areas. While a full return to “normal” remains on the horizon, stop-gap and emergency measures began to make way in 2021 for renewed priorities for medium- and long-term planning. The message from regulators and industry alike is clear – normal or not, they are back to business. Below we highlight some of the notable developments from the past year.

Anti-money laundering

On June 1, 2021, major amendments to the regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) came into force, together with new and updated guidance from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). These changes effected a sizeable overhaul of the AML regulatory landscape in Canada and finalized the legislative and regulatory amendment process that began in 2019...