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.