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Canada Issues AML Rules Extending Reporting, Record-keeping Requirements

By Matthew Squire

The Canadian government has published final rules extending the country's anti-money laundering (AML) and anti-terrorist financing (ATF) laws to certain notaries, jewelers and the legal profession. The new rules also outline penalty guidelines for money laundering violations. The regulations, published in Wednesday's Canada Gazette, require notaries operating in the British Columbia, dealers in precious metal and stones, and legal professionals to adhere to the customer identification, record-keeping, and reporting requirements of Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act. "We are stepping up our regime by casting our net wider to detect illicit transactions, in line with international...

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