Newswire:
Organised Crime Research Unit established
|
World-Check CEO releases PEP discussion paper
|
More Newswires...
FROM A
DIFFERENT ANGLE by Kenneth Rijock
DIFFERENT ANGLE by Kenneth Rijock
Financial Crime Consultant, for World-Check
Canada publishes Final Rules on Anti-money Laundering and Counter-terrorist Financing today
27 June 2007
The Government of Canada announced that it has published, this date, its Final Regulations on Anti-money Laundering and Counter-terrorist Financing. These regulations, which reportedly bring Canada in line with the current standards of the Financial Action Task Force (FATF), appeared today (27 June) in the Canada Gazette. The major points appear below. the chapter is titled " Proceeds of Crime [Money Laundering] and Terrorist Financing Registration Regulations."
The government has summarised the new regulations as follows:
these regulations are intended to implement new provisions in Canada's Proceeds of Crime and Terrorist Financing Act, which received Royal Assent and became law in December 2006.
The regulations can be found in the Canada Gazette, and can be viewed at:
http://canadagazette.gc.ca/partII/2007/20070627/pdf/g2-14113.pdf
- Enhanced customer due diligence measures, such as new requirements to identify the beneficial owners of corporations and other entities.
- Special due diligence measures including identification and monitoring of correspondent banking relationships and Politically Exposed Persons.
- A requirement to report attempted suspicious transactions.
- Enhanced information sharing amongst the Financial Transactions and Reports Analysis Centre (FINTRAC), law enforcement, and other domestic and international agencies.
- The establishment of a registration regime for money service businesses (MSBs).
these regulations are intended to implement new provisions in Canada's Proceeds of Crime and Terrorist Financing Act, which received Royal Assent and became law in December 2006.
The regulations can be found in the Canada Gazette, and can be viewed at:
http://canadagazette.gc.ca/partII/2007/20070627/pdf/g2-14113.pdf
The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.
Print Article
Email Article
SEND ARTICLE TO A FRIEND
More Articles
Subscribe to Newsletter
PRODUCT INFORMATION
COMPLIANCE OVERVIEW
NEWSWIRE
Specialist Research Unit dedicated to Organis...
World-Check is delighted to announce the establishment of the Organised Crime Research Unit (OCRU), a specialist research unit dedicated solely to researching organized crime and counterfeiting. To re...more
Confessions of a Money Launderer on summer br...
"Confessions of a Money Launderer" series written by Kenneth Rijock is currently on a summer break. The popular series will return to the website in September. If you are a new visitor...more
World-Check CEO releases PEP discussion paper
David Leppan, World-Check Founder and CEO, has today released a ground-breaking discussion paper entitled “PEPS: Moving Forward”. Delivered to the Egmont discussion group earlier this mont...more
Recent OFAC designations: World-Check ahead a...
World-Check, has once again alerted clients to high risk individuals years ahead of their names appearing on a sanctions list. Recent OFAC designations include terrorism-related individuals as well as...more
Alert: Replacing Keyword - IDAC to IIROC
World-Check would like to alert our users to the fact that we will be removing the IDAC (Investment Dealers Association of Canada) keyword from profiles and relacing this with a new keyword IIROC (Inv...more
ARTICLE ARCHIVE
Make this my homepage
Bookmark
