News you need to know

There's so much going on and it's all happening so fast—don’t get left behind. Stay informed and up to date on what is truly important in AML news and developments affecting CPAs.

Risky Business: Non-compliance with AML requirements
Learn about important changes brought to the anti-money laundering and terrorist financing (AML/ATF) legislation and the Criminal Code to deter non-compliance by all reporting entity sectors, including accountants and accounting firms.

New AML/ATF record-keeping and FINTRAC reporting rules
Stay informed of the new AML/ATF regulations as of June 1, 2021 which impact CPAs engaged in activities covered by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

New anti-money laundering rules you need to know 
Recent federal updates strengthen Canada’s AML regime to help staunch the flow of dirty money

New AML/ATF “Know Your Client” rules
Stay informed of the new AML/ATF regulations as of June 1, 2021 which impact CPAs engaged in activities covered by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

External news

Withdrawal of temporary COVID-related support to reporting entities
In January 2022, FINTRAC announced the withdrawal of a series of temporary supports to assist reporting entities due to the impact of public health measures.

Updated notice on regulatory amendments and flexibility
In December 2021, FINTRAC updated its notice on flexible measures that are being exercised on an exception and transitionary basis.

Update to reporting entities on expectations
In December 2021, FINTRAC helped clarify expectations regarding the obligations addressing travel rule and payment rails, system readiness, examination approach, and important dates.

FATF report on Canada’s AML framework
In October 2021, Canada received its first enhanced follow-up report from The Financial Action Task Force (FATF) on its site. This report shows progress on multiple compliance deficiencies identified in the June 2016 mutual evaluation report (MER).

Learning tools

As AML legislation and regulations evolve, stay ahead of the curve. Learn about new requirements, your obligations, and how to ensure you comply with them fully.

AML update for corporations in Canada
Find regulations and guidance on registering individuals with significant corporate control.

Anti-money laundering and ethics: Perspectives (On-Demand Event)
Gain a high-level view of the relevant information, tools and strategies you need to know to better understand the stakes and ethical challenges involved in addressing money laundering and terrorism financing risk.

Evolving perspectives

Help combat money laundering by broadening your knowledge and understanding of AML, including beneficial ownership. Check out our informative collection of AML articles, policy and consultation submissions, and research reports.

Anti-money laundering policy
Money laundering is a global issue which is illegal, unethical and harmful. In Canada, it poses threats to our national reputation, economy, and society. CPA Canada recognizes these threats and contributes to federal policy development.

Strengthening corporate and beneficial ownership
Read CPA Canada’s response to the Government of Canada’s consultation paper, “Strengthening Corporate Beneficial Ownership Transparency in Canada.”

Beneficial ownership transparency: International approaches
Beneficial ownership information is considered a key factor in fighting money laundering and other financial crimes. Learn how various models for beneficial ownership transparency are reflecting an evolving landscape, as viewed by professional accountants internationally.

Additional resources

See the latest updates and helpful AML resources from your provincial and territorial CPA bodies. You can also access information for accountants from the federal AML regulator and other international organizations.

Anti-corruption and responsible business: A governance framework
Take advantage of a globally accepted framework to help scandal-proof your organization. This document’s origins are in the anti-corruption context, but it also applies to organizations striving to meet the responsible business challenges of ESG.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
FINTRAC is Canada's financial intelligence unit. Its mandate is to facilitate the detection, prevention and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control.

The Financial Action Task Force (FATF)
FATF is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.

Foresight: The CPA Podcast

Season 2, Episode 8: The CPA’s role in fighting corruption and money laundering

The rise in globalization and the ever-increasing sophistication of corruption schemes have exponentially expanded the scope of the professional accountant’s role. Episode 8 explores the responsibility of the CPA role in a global effort to combat corruption.