Canadian officials Monday previewed pending anti-money laundering rules for domestic officials and advised financial institutions to review customer accounts and prior transactions for links to world soccer's top governing body.
Canada's highest court will determine whether attorneys must retain client data for regulatory purposes and whether the nation's financial intelligence unit can retain and share such records following onsite searches.
Canada's primary regulator of depository institutions is considering launching a thematic review of the anti-money laundering controls of offshore banking affiliates in bank secrecy jurisdictions, an official said Tuesday.
Canada's top financial intelligence agency intends to work more closely with its counterparts abroad and investigators at home to identify money launderers, according to Gérald Cossette, the group's new director.
Canadian 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.
The findings of a pending report by Canadian lawmakers will likely spur reforms of the nation's financial intelligence unit and new anti-money laundering rules for non-financial institutions, say sources.
Financial institutions in Canada will be required to strengthen their due diligence controls and report all cross-border transactions, under draft rules proposed by the country's Department of Finance Wednesday.
Proposed amendments to Canada's primary anti-money laundering law would require banks and other companies to apply new prescriptive compliance controls in place of the risk-based policies currently used, say industry experts.
Disclosures by Canada's financial regulator of suspected money laundering and other crimes have more than tripled in recent years even as the number of suspicious transaction reports filed annually by banks has fallen.