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Canadian Regulators Plan Revisions to AML Guidance

By Daniel Bethencourt

Canada's financial intelligence unit will soon issue new guidance in efforts to clarify regulatory expectations for anti-money laundering compliance programs, a senior official said Tuesday. The guidance, which will outline additional steps financial institutions should take when keeping records and assessing customer risk, is expected to be released in December, and will precede the issuance of separate guidelines for reporting suspicious transactions, said Carrie Hagerman, compliance manager with the Financial Transactions and Reports Analysis Center of Canada, or Fintrac. "If you have a strong, effective compliance program that's accessible to everyone in the organization that needs it, you will be...

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