Canada has introduced new anti-money laundering (AML) regulations to strengthen its financial system and combat financial crimes.
The regulations impose stricter compliance requirements on financial institutions and designated non-financial businesses and professions (DNFBPs).
Key changes include the requirement that financial institutions verify their clients’ beneficial ownership and implement enhanced monitoring and reporting mechanisms for high-risk clients and transactions.
The new regulations pose significant challenges for financial institutions and DNFBPs in terms of compliance and operational costs, underscoring the need for effective support and guidance.
The government has announced the establishment of a dedicated AML compliance support program to help institutions implement the necessary measures and ensure compliance.
Axil Alliance, with its expert guidance and support, is committed to assisting financial institutions and DNFBPs in navigating and complying with the new AML regulations, providing a reliable partner in this challenging process.