Last week we announced that Canada’s Department of Finance had recently accelerated the start date for Compliance Programs to be in place for various businesses including Cheque Cashers, Finance, Leasing and Factoring Companies.
In addition to this announcement, the following changes to the PCMLTFA were also highlighted. Please take note of the following important updates:
1. Information Sharing: Using an approved Code of Conduct, enhanced information-sharing permissions and technologies will be enabled to help reporting entities detect and deter money laundering, terrorist financing, and sanctions evasion.
2. Beneficial Ownership Discrepancies: Any discrepancies in reporting of Beneficial Ownership must be reported to the Corporations Canada Beneficial Ownership Registry starting October 1, 2025
3. Increased Canadian Border Services Agency Powers: New regulations for reporting of goods and additional authorities have been announced to fight trade-based financial crime and will commence April 1, 2025
If you have any questions about these updates or need AML help, please contactus@theamlshop.ca and a compliance expert will be in touch.