Widespread Money Laundering Legislation Reforms in Canada

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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.