AML regulations in Canada aim to prevent financial crimes, including money laundering and terrorism financing.

• Customer Identification: Requires financial institutions to verify customer identities.
• Reporting Obligations: Mandates reporting of suspicious transactions to FINTRAC.
• Recordkeeping: Obligates institutions to maintain transaction records for five years.

Key updates were introduced in 2000 under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

• Financial Penalties: Significant fines for non-compliance.
• Legal Risks: Exposure to lawsuits and regulatory actions.
• Reputational Harm: Erosion of trust among customers and stakeholders.

• Risk Reduction: Minimizes exposure to financial crimes.
• Legal Safeguards: Demonstrates adherence to Canadian financial laws.
• Enhanced Credibility: Builds confidence with regulators and customers.