Widespread Money Laundering Legislation Reforms in Canada
June marked a shift in legislation in Canada's Department of Finance as a new wave of stricter and more detailed requirements are being introduced, interestingly in almost all areas of compliance and business.
The new regulations announced under the Proceeds of Money Laundering & Terrorist Financing Regulations, will affect the following areas where increased reporting, time and resources will be required by Canadian companies:
- Customer due diligence (CDD).
- Politically exposed persons (PEPs).
- Beneficial ownership verification.
- Virtual currencies.
- Open-loop prepaid cards.
- Both domestic & foreign financial service provider regulations.