The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has now published updated guidance with a view toward clarifying how reporting entities can share information among themselves in the fight against money laundering and terrorist financing. The document speaks to a period in which financial crimes are increasing in…

In business practice, conformity and supervisory interaction issues contain compulsory accounting for changes in financial services demands and interaction with financial  operations system. One such change is entry into force of updated demands from Financial Transactions and Reports Analysis Centre of Canada on 1 October 2025. New provisions expand obligations…

Canada has just entered the next level of corporate transparency—it is now mandatory: discrepancy reporting. This senior executive also announced that henceforth businesses, financial institutions, and professional intermediaries shall actively compare beneficial ownership information available through various records. In case of a mismatch, these discrepancies shall no longer pass silently…

In October 2025, updated demands for informing beneficial ownership came into force as part of fight against money laundering, terrorist financing and sanctions avoidance. Main changes affect practice of comparing notification about beneficial owners obtained from clients with branded corporate possession registers. Current informing demands are designed to eliminate data…

Exploring Business Prospects in the Canadian Landscape: Canada, a realm brimming with economic promise, allures global entrepreneurs and investors. Thanks to its unwaveringly stable economy, fortified legal framework, and unyielding dedication to innovation, Canada has emerged as a beacon for those aspiring to establish themselves within North America. However, prior…

The Retail Payment Activities Act (RPAA), alongside its accompanying regulations, marks a significant step in Canada’s evolving regulatory landscape, aiming to enhance the supervision of PSPs in the retail sector. Enacted to address potential risks in payment systems, the RPAA and its finalized regulations, published on November 22, 2023, establish…

The authority of Canada made an effort to lessen the expected tendencies of legal challenges that would follow as e-currencies have become more common in the world. By modifying the PCA to contain all individuals and companies trading in cryptocurrency in Canada, it evolved the foremost country to enact legislation…

On April 21, 2023, the Canadian governance unveiled the Notice of Ways and Means Motion, ushering in pivotal changes to the Proceeds of Crime (Money Laundering) and Terrorist Sponsoring Act (PCMLTFA) as outlined in the 2023 federal budget. Our previous coverage (refer to our Blakes Bulletin: 2023 Federal Budget: Impact…

Following the ongoing crypto-crisis started when Bitcoin dropped from its all-time high above $68,000 in 2021 to less than $18,000 in 2022, the crypto market went from boom to collapse, opening a new era called “crypto winter”. As cryptocurrencies hit a rough patch in 2022, especially between May and July,…

On June 30, 2023, in Santa Clara, California, YOMAEX, the leading global digital currency exchange, achieved a significant milestone by securing a Canadian MSB license as part of its strategic expansion into Canada. This achievement not only signifies a pivotal moment in YOMAEX’s presence within the worldwide digital acquisition trading…

Setting up and managing an account in a banking organization is one of the most frequent procedures in the field of banking and finance in Canada. The service of setting up an account is now available not only for citizens but also for foreigners or non-residents. Both businesses and natural…

Canada’s regulatory authority in financial matters, guided by the OSFI, is actively seeking input on the disclosure of cryptocurrency assets, aligning with broader global trends. This initiative follows the agency’s proposal of new guidelines in July, emphasizing the perceived risks associated with the dynamic nature of the cryptocurrency sector. Background:…