This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice ( for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Amended General Regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)

  • Canada Image

Jun 17, 2016

On June 17, 2016, the Canadian federal government released the final version of the amended general regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). They were published in the June 29, 2016 Canada Gazette, Part II.

The Regulations provide a regulatory framework to govern the treatment of domestic politically exposed persons (PEPs) and provide additional components to be considered in risk assessments. For the most part, the final Regulations are similar to the July 2015 draft regulations. The changes provide a more principle-based regulation in the context of identity verification and, in addition to the amendments made to the general Regulations, the Administrative and Monetary Penalties Regulations (AMP Regulations) have also been revised to include compliance obligations that were previously unaddressed. There have also been some minor amendments made to the Suspicious Transactions Reporting Regulations.

The new identity verification and electronic signatures provisions are expected to be legally effective on June 17, 2016, with the remaining provisions of the Regulations becoming effective on June 17, 2017.

For further details refer to the attached article by Blake Cassels & Graydon LLP, Amendments to Canada’s Anti-Money Laundering Legislation: The First Step.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.