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Canada’s Proposed AML Law Would Scale Back Risk-Based Approach, Say Consultants
By Colby Adams
printProposed 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. The planned changes, published Monday by Canada's Department of Finance, would amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations Act by subjecting previously exempted financial transactions to due diligence rules, mandating ongoing customer due diligence checks and requiring banks to collect more beneficial ownership data. The proposed amendments would also entail more rule-based customer identification and transactional screening procedures in lieu of the risk-based anti-money laundering...
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