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.
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.
Lax enforcement of Canada's anti-money laundering laws and regulations have helped make British Columbian property an attractive investment for criminals, according to Kenneth Marsh, a former investigator of organized crime for the Royal Canadian Mounted Police.
A Canadian proposal to regulate virtual currency firms as money services businesses but otherwise "tread lightly" with federal rules is a welcome approach, according to bank representatives and anti-money laundering consultants.
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