Canada's Evolving AML Regime
Originally set out in the Proceeds of Crime Money Laundering Act (PCMLA) of 2000, the scope of Canada’s AML regime was expanded the following year to address terrorist financing, and was renamed the Proceeds of Crime Money Laundering and Terrorist Financing Act (PCMLTFA). The act requires financial institutions to meet customer identification, due diligence and record-keeping standards, and to report suspicious transactions applicable to the detection of money laundering and terrorist financing.
With the intention of enhancing Canada’s anti-money laundering and counter-terrorist financing regime, Bill C-25 amends the PCMLTFA with expanded requirements for record-keeping, reporting and registration, PEFP identification and transaction monitoring. Firms are under pressure to implement the requirements set forth by Bill C-25 by the June 23rd deadline of this year.
Over the past two years, Complinet has been taking steps to expand our services and content to help Canadian firms fulfill their PCMLTFA obligations. With the implementation date of Bill C-25 just around the corner, Complinet can assist firms with meeting the new requirements in a cost-effective and time-efficient manner. The below timeline displays Complinet’s Canadian development over the last two years and our capacity for helping firms meet C-25 obligations.
Complinet’s Timeline to C-25
- Agreement with key Canadian regulators to republish content on Complinet rulebooks platform
- Development of e-learning suite with Canadian content
- Launch of dedicated Canadian News and Analysis solution
- 5 of the 6 major Canadian banks choose Complinet’s compliance solutions
- Complinet powers TSX Group’s new online versions of Toronto Stock Exchange and TSX Venture Exchange rules
- Expanded e-learning courses, Know-How, News and Analysis and rulebooks
- Launch of AML course with C-25 training
- FATF releases the Third Mutual Evaluation on Anti-Money Laundering and Combating the Financing of Terrorism for Canada
- Complinet and FINTRAC host webcast focusing on C-25 compliance
- Complinet participation in Canadian Institute’s 7th Annual Forum on Anti-Money Laundering
- Complinet to host Toronto event on compliance with Bill C-25 and other hot topics in Canada’s AML regime (May 20, 2008)
June 23: Bill C-25 takes effect….are you prepared?
