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ARTICLE · 09 DECEMBER 2024

New AML/ATF Measures Including Requirements For Financing, Leasing, And Factoring Businesses

Borden Ladner Gervais LLP
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On November 30, 2024, the anticipated Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering) and Terrorism Financing Act...

CanadaFinance and Banking
Suhuyini Abudulai
Suhuyini Abudulai
Matthew Connors
Matthew Connors
Stephen Redican
Stephen Redican
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On November 30, 2024, the anticipated Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering) and Terrorism Financing Act (the Proposed Amendments) were published, proposing key amendments to Canada's anti-money laundering (AML) and anti-terrorist financing (ATF) regime. There is a 30-day consultation period to respond (December 30, 2024). The proposed amendments concerning factoring companies, financing and leasing companies, cheque-cashing businesses, and trade-based crime would come into force on October 1, 2025.Amendments concerning information sharing will come into force immediately on publication in the Canada Gazette, Part II.

Among other changes, the Proposed Amendments will expand the AML/ATF obligations of reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its regulations to introduce AML/ATF requirements to new sectors, including financing, leasing, and

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