On June 3, 2025, the federal government introduced Bill C-2
– the Strong Borders Act. Certain parts of Bill
C-2 propose changes to the Proceeds of Crime (Money
Laundering) and Terrorist Financing Act (PCMLTFA), many
of which are consistent with the themes of national security and
strengthening Canada's AML regime that have been previously
articulated by the federal government, but are not, for the most
part, specific to increasing border security. If passed, these
changes will have wide-ranging impacts for all reporting
entities.
Significant increases to AML penalties
The most significant change is that the maximum administrative
monetary penalties (AMPs) that may be imposed under the PCMLTFA
will be raised by a substantial magnitude. The maximum fines for
various criminal offences under the legislation will also
increase.
