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ARTICLE · 21 JANUARY 2020

Developments In Canada's AML Regime – Brief Highlights Of 2019 And What 2020 Holds

The past year saw a marked shift in regulatory expectations for the anti-money laundering (AML) and anti-terrorist financing (ATF) regime in Canada.

CanadaGovernment, Public Sector

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The past year saw a marked shift in regulatory expectations for the anti-money laundering (AML) and anti-terrorist financing (ATF) regime in Canada. In this blog post, we provide a quick recap of the key regulatory developments in the Canadian AML/ATF regime over the past year. We also look at what 2020 holds for AML/ATF regulatory compliance in Canada.

Key highlights of 2019

  • New anti-money laundering rules introduced: In July 2019, amendments to the Regulations (New Amendments) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) were published in the Canada Gazette. Except for one change in respect of identity verification that is beneficial to reporting entities, the New Amendments will not come into force until June 1, 2020, and, in the case of certain provisions, until June 1, 2021. For further details on the New Amendments, please see our previous post here.

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