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Canada’s Planned Due Diligence, Cross-Border Rules Seen as ‘Onerous’
By Brian Monroe
printFinancial 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 proposed regulations, which would affect banks, money services businesses (MSBs), credit unions, life insurance companies and casinos, come in response to criticism made in February 2008 by the Paris-based Financial Action Task Force (FATF) as well as internal assessments, the department said in a 55-page consultation paper. Under the proposal, the department would require financial institutions to retain more data on authorized signers of business accounts and use documentation that...
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