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Canada’s October 1 AML rules now in effect

Ottawa, Canada
Photo: 130920/Getty Images

Alexander Barzacanos

1 min read
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Expanded obligations cover MSB agent vetting, beneficial ownership discrepancy reporting, new reporting entities, and an updated sanctioned property report regime.

October 1 has come around, meaning new anti-money-laundering obligations enforced by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) are now live across Canada.

MSB agent vetting and criminal record checks

Money services businesses (MSBs) are now required to verify the eligibility of any agent or mandatary delivering MSB

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