Anti-Money Laundering Update: FINTRAC Releases New Guideline on Identification Requirements for Individuals
08 Jul 2016

The Financial Transactions and Reports Analysis Centre (“FINTRAC”) has released the new Guideline: Methods to ascertain the identity of individual clients (“Guideline”) detailing the new methods to be used to ascertain the identity of individual clients. This Guideline applies to all entities (“reporting entities”) that are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (“Act”) regarding their obligations to identify individuals. The Guideline was issued in connection with the amendments to the regulations under the Act which we described in our separate legal update “Final Amendments to Regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act Released”

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