ARTICLE · 28 JUNE 2016

New FinTRAC Guidance – ID Verification

Norton Rose Fulbright Canada LLP

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Based on the Guideline, it appears that the methods for verification of identity of individuals proposed in the Draft Regulations have not been substantially changed from what was proposed last summer.

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Since July 2015, when draft amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (Draft Regulations) were published in the Canada Gazette, the industry has been expecting changes to aspects of the current AML/TF regime, particularly with respect to customer identification. After a lengthy delay, caused at least in part by the change in government, FinTRAC signaled the imminent arrival of the updated rules by releasing a new guideline on its website regarding methods to ascertain the identity of individuals (the Guideline). The Guideline refers to amended regulations that were apparently made on June 17^th, but are yet to have been officially published in the Canada Gazette. The Guideline offers guidance on certain elements of the yet unseen final amendments to the regulations.

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