Overview of Canadian AML regulations

Canada's AML framework centres on the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), administered by FINTRAC. Canada was a co-founder of the FATF and maintains a comprehensive regulatory framework for both financial and non-financial businesses.

Reporting entities

Under PCMLTFA, reporting entities include banks, credit unions, money services businesses, real estate brokers, accountants, dealers in precious metals and stones, and securities dealers. These entities must register with FINTRAC, implement a compliance programme, conduct CDD, and report certain transactions.

Canadian sanctions

Canada administers sanctions through the Special Economic Measures Act (SEMA) and the Justice for Victims of Corrupt Foreign Officials Act (Magnitsky Act). Global Affairs Canada maintains the consolidated sanctions list. FirmScreen covers Canadian sanctions in its comprehensive screening.