By Elizabeth Sale and Haley Adams ( July 2, 2021, 8:33 AM EDT) -- On June 1, 2021, substantial amendments to the regulations issued under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) came into force, along with a comprehensive set of new and updated guidance documents issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Taken together, these amended regulations and the new and updated guidance documents effect a wide-reaching overhaul of Canada’s anti-money laundering regime, and all entities that have reporting obligations to FINTRAC (known as “reporting entities”) will need to carefully assess and uplift their anti-money laundering (AML) policies and compliance procedures....