News

Recent amendments to Canada's anti-money laundering rules will require banks to more closely monitor the account activity of high-risk domestic politicians and implement new customer identification policies by next year. The regulations, issued last month by the Department of Finance, amend compliance obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, in part by tasking banks with identifying customers who hold or have held political office in Canada, headed an international organization or have familial or other close ties to such individuals. The rules on how compliance departments must view domestic politically exposed persons, or PEPs, only...