Canada has proposed some notable changes to its AML/TF law to address money laundering (ML) and terrorist financing (TF) risks
- Require traders to report on the import and export of goods to the Canada Border Services Agency (CBSA).
- Measures to enhance the ability of reporting entities to share information with each other.
- Require reporting entities to report material discrepancies between their records and a company’s registry filings to the federal beneficial ownership registry where they assess a high risk of ML and TF offence.
- Introduce AML/ATF regulatory requirements for factoring companies, cheque-cashing businesses, and financing or leasing entities.
Goals of the proposed changes
- Protect the integrity of Canada’s financial system
- Mitigate money laundering and terrorist financing risks associated with the import and export of goods
- Align Canada’s AML/ATF framework with international best practices and enhance the Regime’s efficiency and effectiveness
- Address international obligations for Canada under the FATF and positively impact Canada’s international reputation
SymphonyAI delivers an end-to-end portfolio of AML/TF compliance products to meet the needs associated with some of these key changes.