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Government strengthens Canada’s anti-money laundering framework with new regulatory amendments

 

The Government of Canada has announced regulatory amendments to the legislation for Canada's Anti-Money Laundering and Anti-Terrorist Financing.

Some of the new regulatory measures are:

  • Enhancements to the Canada Border Services Agency’s authorities in order to reinforce its ability to detect, deter, and disrupt trade-based financial crime;
  • A new framework that will allow private institutions to share information related to money laundering, terrorist financing and sanctions evasion, to make it harder for criminals to access the financial system and evade detection;
  • AML/ATF obligations for factoring companies, cheque cashing businesses, and financing and leasing companies to close a regulatory gap with financial services that criminals can exploit.

Final amendments are anticipated to be published March 26, 2025 in the next volume of the Canada Gazette, Part II.  Confirmation should be available at that time regarding which changes are expected to be fast-tracked to April 1, 2025 and which will follow the planned implementation in October 2025.

https://www.canada.ca/en/department-finance/news/2025/03/government-strengthens-canadas-anti-money-laundering-framework-with-new-regulatory-amendments.html

 

Topic(s)

U.S. Tariffs and Canadian Retaliatory Surtax
Acts & Regulations - General
Security and Trade Facilitation Programs
International Trade and Border Management
Disclaimer

The foregoing information is provided for informational purposes only and is not intended as, nor should it be considered, professional advice or a substitute for conducting your own thorough research and review. Before making any decisions or taking any action based on the information provided, you should conduct your own independent investigation and/or seek professional advice from a qualified expert in the relevant field. The CSCB disclaims all liability for actions taken or not taken based on the information provided.