On February 13, 2013, the Government of Canada published in the
Canada Gazette certain amendments to the Proceeds of Crime (Money
Laundering) and Terrorist Financing Regulations (the Regulations).
These amendments will come into force one year after their
publication (i.e., in February 2014).
The full text of the amendments can be found here. In summary, these amendments (a version
of which was previously published in October 2012 for comment) are
meant to address certain deficiencies identified by the Financial
Action Task Force (FATF) in the customer identification and due
diligence provisions of the Regulations. FATF is the international
body that sets standards for anti-money laundering and
anti-terrorist financing (AML/ATF) activities. Canada is a founding
member of the FATF. In its 2008 evaluation of Canada, FATF
identified deficiencies in Canada's requirements relating to
customer identification and due diligence, and Canada was found to
be non-compliant with
