Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Changes to PCMLTFA Pre-Published for 30 Day Consultation
Regulation | Jul 8, 2024
Image: Freepik/sentavio
New Regulations under PCMLTFA Announced with 30 Day Public Consultation Open
New rules under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) have been pre-published by the Canadian government. The proposed revisions, which are accessible now in Part 1, Volume 158, Number 27 of the Canada Gazette, seek to put into effect a number of initiatives that have been recommended in recent economic statements and budgets.
See: FINTRAC Guidance on Bitcoin ATMs and Money Laundering
To read the complete text and more information, go to both of the links below:
Overview of Proposed Regulatory Changes
Stakeholders have a 30-day consultation period to provide feedback on these proposed changes.
- Requires properties owned or controlled by individuals or entities listed under various anti-terrorism and sanction statutes to submit detailed reports on sanctioned properties.
- Introduces more stringent reporting guidelines and a registration structure for money service companies operating in the MSB sector in an effort to stop the financing of terrorism and money laundering.
- Requires thorough documentation of the private white-label automated banking machines' ownership, operation, and funding sources in order to improve security and transparency.
- Mandates title insurers to keep extensive records on title insurance policies and enforces the identification of unrepresented and third parties in real estate transactions.
See: Elliptic Publishes New Research on AI and Money Laundering
- Closes a regulatory loophole by making casinos disclose the ultimate beneficiary of payments received from third parties to ensure money traceability.
30 Day Consultation Period
Stakeholders are invited to evaluate the draft regulations and provide feedback during a 30 day consultation period. The contact information for submitting comments on the proposed regulations can be found in the Canada Gazette notice. Final regulations are expected later in 2024. Feedback can be sent by regular mail, email, or the internet.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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