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With Canada’s Latest AML Rules Finalized, More are on the Way
By Brian Monroe
printCanadian compliance officers at banks and non-bank institutions are bracing themselves for broad changes to their anti-money laundering obligations ahead of the country's next evaluation by an international watchdog group. Earlier this month, Canada's Finance Department finalized rules proposed in October 2012 that require financial institutions to apply enhanced due diligence (EDD) measures to risky clients, including monitoring certain customers on an ongoing basis. The rules, which take effect in a year, extend to banks, money services businesses, life insurance companies, securities firms and real estate companies. The department is also expected to propose new regulations first outlined in a...
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