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ARTICLE · 09 OCTOBER 2025

Anti-Money Laundering Regulation Changes: New Requirements For Reporting Entities Now In Effect

Goodmans LLP
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As of October 1, 2025, reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) are subject to additional requirements...

CanadaGovernment, Public Sector
Francy Kussner
Francy Kussner
Cathy Costa-Faria
Cathy Costa-Faria
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As of October 1, 2025, reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) are subject to additional requirements, as amendments to the regulations under the PCMLTFA come into effect.

Highlights

  • Reporting Material Discrepancies in Beneficial Ownership Information.  Reporting entities must consult Corporations Canada's database for federally incorporated corporations which they assessed as high risk, and must file a “Beneficial Ownership Discrepancy Report” with Corporations Canada when there is material discrepancy between the reporting entity's internal records and the beneficial ownership registry filings in the public database. Reports must be made within 30 days of the discrepancy being identified.Consult FINTRAC's beneficial ownership requirements guidance for details on the reporting process.

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