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Canada Strengthens Anti-Money Laundering Regulations

By Matt Squire

The Canadian government issued new anti-money laundering (AML) and anti-terrorist financing regulations that require some financial institutions to adhere to more rigorous customer identification policies and verify the identities of beneficial owners of corporations. The new AML rules, published Wednesday, require certain enhanced customer due diligence standards, including identifying and monitoring correspondent banking relationships. The Canadian Department of Finance said the changes are designed to bring the country's AML regime in line with the international standards set forth by the Financial Action Task Force. The rules also call for the registration of money services businesses, the reporting of suspicious activity,...

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