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ARTICLE · 29 JULY 2019

New Anti-Money Laundering Rules In Canada: A Brief Impact Analysis

The FINTRAC recently released the final version of the regulations amending the Regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (as amended, the Regulations).

CanadaGovernment, Public Sector

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently released the final version of the regulations amending the Regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (as amended, the Regulations). The Regulations govern anti-money laundering (AML) rules in Canada. The changes in the Regulations are quite substantial and, given the scope, regulated entities (REs) will be required to significantly overhaul their existing compliance policies and procedures. Except for one change in respect of identity verification that is beneficial to REs, the Regulations will not come into force until June 1, 2020 and, in the case of certain provisions, until June 1, 2021.

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