Since the legalization of recreational cannabis use in Canada inOctober 2018, investment has flowed into the cannabis sector.Industry participants can leverage financing to tap into newopportunities in what is (literally) a growth industry. Whilethe right financing structure can be a critical advantage to anycannabis-related business, it is also important to remember thatthere are legal considerations involved, including in respect ofanti-money laundering (AML) matters. These legal considerationsinclude the preference of some cannabis retail customers to usingcash as a payment method, concerns around privacy, and the risksassociated with the supply of cannabis to ensure its provenancefrom legal sources. Financial institutions, cannabis businesses,and investors should therefore be very mindful of AMLconsiderations.In Canada, the (PCMLTFA) applies to a prescribedset of entities, including among others, banks, credit unions, lifeinsurance companies, securities dealers and money servicesbusinesses. The PCMLTFA is administered by the (FINTRAC),which has issued policy interpretations relating to legal cannabisbusinesses.Entities subject to the PCMLTFA are required to conduct a riskassessment in respect of their activities.
Anti Money Laundering Regulations
Despite fierce resistance from the art world, January 2020 is likely to see the Fifth EU Money Laundering Directive take effect in the UK, requiring auction houses and art dealers to undertake anti-money laundering checks on customers. Establishingsystems to carry out such checks will carry significant resourcing implications, and any failure to undertake checks with sufficient rigor can attract criminal penalty, for both institutions and their directors.BackgroundAnyone who has opened a bank account, bought a house or instructed a solicitor will have experienced anti-money laundering checks. Typically, as a new customer of a firm that is subject to the Money Laundering Regulations, you will need to provide evidence of your identity, in the form of a passport, driving licence and / or recent utility bill.
What Must A Solicitor Do In Respect To Money Laundering Checks Work
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Money Laundering Guide
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