News
Canada, Looking For More Aggressive AML Enforcement, Expands Regulator’s Powers
By Matt Squire
printCanada's financial intelligence unit, which has been criticized for failing to effectively enforce the nation's anti-money laundering laws, is being granted new powers to levy money penalties against offending institutions. Under amendments to Canada's primary AML law that take effect June 23, the Financial Transactions and Reports Analysis Centre of Canada (Fintrac) also will be authorized to share a broader spectrum of information with law enforcement and intelligence agencies as well as share information with foreign financial intelligence units. With better quality information being provided to law enforcement and stronger enforcement powers at Fintrac, compliance consultants in Canada said Canadian...
TO READ THE FULL STORY
Related News
Although Canadian financial institutions have collectively invested millions of dollars to shield themselves from bad actors, little evidence exists that their efforts are paying off, according to Milos Barutciski, a board member of Transparency International Canada.
The election last week of a new Canadian prime minister could translate into a tougher tack on money laundering, terrorist financing and other financial crimes, according to compliance professionals.
Canadian compliance officers at banks and non-bank institutions are bracing themselves for broad changes to their anti-money laundering obligations ahead of the country's next evaluation by an international watchdog group.
The findings of a pending report by Canadian lawmakers will likely spur reforms of the nation's financial intelligence unit and new anti-money laundering rules for non-financial institutions, say sources.
Financial institutions in Canada will be required to strengthen their due diligence controls and report all cross-border transactions, under draft rules proposed by the country's Department of Finance Wednesday.
The United States and Canada will soon begin sharing more data on seized currency in an effort to crackdown on terrorist financing and other crimes, the Department of Homeland Security said Tuesday.
Canada took its first step last month into fining financial institutions for anti-money laundering troubles, penalizing two money services business and prompting at least one of the companies to close.
In the world of financial compliance, Canada "talks a good game" but does little to enforce counter-terrorism financing and anti-money laundering regulations, according to Chris Mathers, a Toronto-based consultant.
Requirements that Canadian real estate developers better identify their customers and that casinos record and report large disbursements went into effect Monday. Among the requirements of the rules is the provision that home builders must obtain proof of a customer's identity.
Canadian authorities charged a Sri Lankan-born man with raising funds for a terrorist organization, marking the first time Canada has charged an individual with the crime.
The Canadian government is broadening the scope of its anti-money laundering and anti-terrorist financing reporting requirements in the real estate and casino industries in a bid to bring the country's regime in line with international standards.
The Canadian government has published final rules extending the country's anti-money laundering and anti-terrorist financing laws to certain notaries, jewelers and the legal profession. The new rules also outline penalty guidelines for money laundering violations.
The Canadian Department of Finance said the changes are designed to bring the countrys AML regime in line with the international standards set forth by the Financial Action Task Force.