Canadian officials outlined in long-anticipated guidance Monday how and when banks and other financial institutions can share details of suspicious clients and transactions with each other, effectively operationalizing reforms on the books for several months. Revisions to Canada's Proceeds of Crime, Money Laundering and Terrorist Financing Act, or PCMLTF, entered into force in March, giving financial institutions of all types a green light, albeit technically, to share the names and account numbers of suspects voluntarily, on a case-by-case basis, along with the values, beneficiaries and other details of their transactions. Monday's guidance brings the revisions officially into play by clarifying...
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