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ARTICLE · 19 JUNE 2017

AML Update: Not So Fast – Implementation Of New Identity Verification Requirements Extended

Blake, Cassels & Graydon LLP
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As many professionals who follow Canadian anti-money laundering legislation are aware, on June 17 and June 30, 2017 respectively, new provisions of the Regulations under the Proceeds of Crime...

CanadaGovernment, Public Sector
Jacqueline Shinfield
Jacqueline Shinfield
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As many professionals who follow Canadian anti-money laundering legislation are aware, on June 17 and June 30, 2017 respectively, new provisions of the Regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act are to come into force that deal with, among other things, domestic politically exposed persons (PEP) requirements and new requirements for the verification of identity. In that regard, regulations have been published in the Canada Gazette on June 14, 2017, that extend the transitional period for the identity verification requirements from June 30, 2017 until January 23, 2018, providing reporting entities with an additional seven months to implement the new identity verification requirements.

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