In 2024 we saw significant changes to Canada’s AML/ATF Regime.
In 2025, we see the evolution in this space continue as we anticipate new regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
On January 1st, 2025 new regulations were published in the Canada Gazette that add or modify obligations for specific businesses that are regulated under the PCMLTFA.
These regulations include new obligations for acquirers of private automated banking machines and title insurers. These new regulations will come into effect on October 1st, 2025. Read more here.
Additionally, new reporting requirements will come into force for businesses holding sanctioned property information. Reporting to FINTRAC will begin for:
Sanctions Imposed under the United Nations Act: Starting March 1, 2025
Sanctions Imposed under the Special Economic Measures Act and Justice for Victims of Corrupt Foreign Officials Act. Starting October 1, 2024.
Finally, Identity Verification regulations will strengthen for both MSBs and Real Estate representatives and brokers.
MSBs will need to be aware of the new registration framework changes by adding a measure to allow agents or mandataries to be appointed in identity verification corporations and entities.
Real Estate Representatives and Brokers will have an added obligation to verify identity for unrepresented parties and keep an information record and make the associated third party determination for these transactions.
This article is meant to be a quick overview and there are additional intricacies your business should be aware of if any of the above applies to you. Please contactus@theamlshop.ca to book a consultation with an expert or for more details on these important AML/ATF Regulatory changes.