Canada's Budget Implementation Act Tightens The Reins On AML Compliance

Canada's Budget Implementation Act introduced in an omnibus bill on March 28, 2014 will introduce significant changes to our country's anti-money laundering (AML) program once passed. More businesses will have AML responsibilities, including bitcoin dealers and foreign companies offering services to Canadians. Entities that already have AML responsibilities, such as banks and securities dealers, will see their burden escalate. They will be required to conduct enhanced screening of politically connected people, report large international wire transfers to the Canada Revenue Agency (CRA), follow ad-hoc Ministerial directives and share money laundering intelligence and risk management amongst their international affiliates. Some of the Financial Transactions and Reports Analysis Centre of Canada's (FINTRAC's) powers and responsibilities will change too, permitting them to disclose money laundering convictions they supported; but requiring them to delete information in