The federal agency that oversees suspicious transaction reporting, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), is seeking comments on proposed changes to its guidelines regarding customer due diligence.
FINTRAC reports that it has been updating its guidelines in light of changes to anti-money laundering and terrorist financing regulations, sparked by recommendations from the international body devoted to combating money laundering, the Financial Action Task Force (FATF).
Specifically, FINTRAC says that its various guidelines concerning record keeping and client identification are being revised. This includes guidelines for securities dealers, life insurance companies, brokers, and agents, among various other financial industry firms.
It is seeking comments on the proposed changes by August 16, and says that final versions of the updated guidelines are expected to be published in the fall. The regulatory changes come into effect on February 1, 2014.