How amended anti-money laundering and terrorist financing laws will affect accounting requirements

To assist the Department of Finance in preparing for a parliamentary review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act PCMLTFA), Chartered Professional Accountants of Canada (CPA Canada) provided written comments on February 21, 2012 regarding proposed changes to the act.

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This document was originally issued by a CPA Canada legacy body.

CPA Canada’s February 21, 2012 response to the Department of Finance Consultation Papers provided comments regarding two consultation papers:

  • Strengthening Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime
  • Proposed Amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations on Ascertaining Identity

You will learn about:

  • clarifying reporting obligations
  • countermeasures
  • broadening requirements to report suspicious transactions
  • introducing the concept of business relationships
  • extending ongoing monitoring obligations
  • conducting ongoing monitoring of business relationships