Insolvency Practitioners Providing Trustee in Bankruptcy Services

FINTRAC Interpretation Notice No. 7 - Insolvency Practitioners Providing Trustee in Bankruptcy Services (paragraph 5(j) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and subsections 34(1), sections 35 and 36 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations). The purpose of this notice is to clarify the application of the PCMLTFA relating to insolvency practitioners offering bankruptcy services. Insolvency practitioners provide trustee in bankruptcy services. These services are not triggering activities for any obligations under the PCMLTFA. Trustee in bankruptcy services or insolvency practitioners are not covered as services or as an entity under thislegislation. However, if you are an insolvency practitioner and you are an accountant or an accounting firm, you may have obligations relating to other activities.