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ARTICLE · 14 JULY 2020

New Anti-money Laundering Rules In Canada – Further Updates Released

Norton Rose Fulbright Canada LLP
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The Department of Finance Canada recently released the final amending regulations that amend the existing Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering)

CanadaGovernment, Public Sector
Daniel Leslie
Daniel Leslie
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The Department of Finance Canada recently released the final amending regulations that amend the existing Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Regulations). Our previous update on other aspects of the amendments can be found here.

The Regulations attempt to bring Canada's anti-money laundering and anti-terrorist financing (AML/ATF) regime in line with international standards, while also addressing the recent industry reports commissioned by the Government of British Columbia.

The high-level takeaways are that the Regulations will:

  • extend the "travel rule" (whereby certain reporting entities are required to pass on identifying information about a customer to the next reporting entity when sending money on the customer's behalf) to businesses dealing in virtual currencies, by requiring them to obtain and hold originator and beneficiary information;

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About Norton Rose Fulbright Canada LLP

Norton Rose Fulbright is a global law firm. We provide the world's preeminent corporations and financial institutions with a full business law service. We have 3800 lawyers and other legal staff based in more than 50 cities across Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia.

Recognized for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare.

Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact.

For more information about Norton Rose Fulbright, see nortonrosefulbright.com/legal-notices.

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