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ARTICLE · 07 OCTOBER 2014

AML/ATF Compliance In Syndicated Loan Transactions

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Multi-lender loans require special consideration from the standpoint of compliance with money laundering and anti-terrorist financing legislation.

CanadaFinance and Banking
Guy David
Guy David
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Multi-lender loans require special consideration from the standpoint of compliance with money laundering and anti-terrorist financing ("AML/ATF") legislation. The challenge in a multi-lender loan is to ensure that each lender complies with all of its AML/AFT obligations, while avoiding unnecessary duplication of procedures.

Canada's AML/ATF legislation in contained in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act1(the "PCMLTFA") and the regulations2 made under the Act (the "PCMLTFR").

Borrower Identification

Under the PCMLTFA, each lender has a separate obligation for borrower identification even though the borrower may already be an identified customer of one of the lenders. The PCMLTFR allow a financial institution to appoint another person to act as its agent to ascertain identity and establish and maintain the appropriate records, but only if the financial institution and agent have a written agreement to this effect. Accordingly if

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