(February 16 – 14:10 ET) – Th Department of Finance is seeking comment on its new anti-money laundering regulations.

The regulations will be published in the Canada Gazette on February 17. The comment period is 90 days.

The new regs set out the reporting, record-keeping and client identification requirements for financial institutions, currency exchange dealers, money service businesses, casinos and other financial intermediaries. They provide greater detail on reporting obligations under the Proceeds of Crime Act, which was enacted on June 29, 2000.

The PCA enabled a mandatory, suspicious and prescribed transactions reporting system, as well as the reporting of large cross-border movements of currency and monetary instruments. It also establishes the Financial Transactions and Reports Analysis Centre of Canada to collect and analyze these reports.

In addition to the proposed regulations, Finance has begun a new phase of consultations to prepare regulations to implement the reporting requirements for large cross-border movements of currency and monetary instruments.
-IE Staff