Final amending regulations to the existing regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the “PCMLTFA”), Canada’s anti-money laundering and counter-terrorism legislation, have recently been issued. These developments will be of particular relevance to (i) retailers that engage in the purchase or sale of precious metals, precious stones or jewellery, who are subject to regulation under the PCMLTFA as dealers in precious metals and stones and (ii) issuers of open loop prepaid cards. The amending regulations contain a number of amendments modernizing the regulations, and bring within the scope of the PCMLTFA open loop prepaid cards. Our recent legal update provides further detail.