News
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...
TO READ THE FULL STORY
Subscribe
Learn More
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.
Canadian officials Monday previewed pending anti-money laundering rules for domestic officials and advised financial institutions to review customer accounts and prior transactions for links to world soccer's top governing body.
Canada's highest court will determine whether attorneys must retain client data for regulatory purposes and whether the nation's financial intelligence unit can retain and share such records following onsite searches.
Canada's financial watchdogs outlined their expectations and priorities Monday, clarifying a policy that previously gave banks a warning one month in advance of pending regulatory examinations.
Canada's primary regulator of depository institutions is considering launching a thematic review of the anti-money laundering controls of offshore banking affiliates in bank secrecy jurisdictions, an official said Tuesday.
Canada's primary financial regulator will focus its anti-money laundering efforts on ensuring that institutions implement plans to monitor high-risk clients and address other known compliance gaps, an official said Thursday.
Canada's top financial intelligence agency intends to work more closely with its counterparts abroad and investigators at home to identify money launderers, according to Gérald Cossette, the group's new director.
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.
Money services businesses in Quebec are struggling to deal with the impact of unprecedented provincial registration and anti-money laundering requirements that took effect this year, say analysts.
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.
Proposed amendments to Canada's primary anti-money laundering law would require banks and other companies to apply new prescriptive compliance controls in place of the risk-based policies currently used, say industry experts.
Disclosures by Canada's financial regulator of suspected money laundering and other crimes have more than tripled in recent years even as the number of suspicious transaction reports filed annually by banks has fallen.
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.
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.
Canada's financial intelligence unit, which has been criticized for failing to effectively enforce the nation's anti-money laundering laws, is being new granted powers to levy money penalties against offending institutions.
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.