On February 14, 2013, we discussed the publication of amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (the “Regulations”). Those amendments to the Regulations came into force on February 1, 2014.
The Financial Transactions and Reports Analysis Centre of Canada has updated Guideline 4 (Implementation of a Compliance Regime) and Guideline 6 (Record Keeping and Client Identification) in order to address the new requirements that came into force on February 1, 2014. The updated Guidelines can be found at the following link.
You can read our overview of the amendments to the Regulation from this past February at this link.