The Investment Dealers Association has issued a notice alerting brokerage firms to the revised anti-money laundering and terrorist financing regulations.

The new regulations make a number of changes to the current client identification and verification requirements, which come into effect on June 12.

The changes include the addition of third party determination requirements, and revisions to the identification and verification requirements for individual accounts, including changes to exceptions.

There are also new requirements for identification of corporate and other non-individual accounts, including changes to exceptions; and a requirement to implement a regime for complying with law.

The regulations implement a requirement to report to the Financial Transactions Reporting and Analysis Centre of Canada cash receipts in excess of $10,000, effective November 30.

In addition, the Financial Transactions and Reports Analysis Centre of Canada has issued draft revisions of a couple of its guidelines, including requirements to implement a compliance regime, submit terrorist property reports, and record keeping and client identification, which are to be published May 31. Guidelines on large cash transactions and electronic funds transfers are to be published June 30.