Canada's Proceeds of Crime and Terrorist Financing Act, in effect since 2001, has been amended to conform with international standards, and to strengthen compliance requirements. We summarise herein the major changes and provide a hyperlink to enable our readers to view the entire text of House of Commons Bill C-25.

Money Service Businesses (MSBs) must now register with The Financial Transactions and Reports Analysis Centre of Canada, or FinTRAC.
Suspicious Activity reporting is now extended to an requiring mandatory report filing on an attempted suspicious transactions.
Senior bank management must approve accounts for foreign Politically Exposed Persons ( PEPs), and their accounts must be specially monitored.
Senior bank management must approve correspondent banking relationships, and enhanced Customer Identification Procedures are required.
Foreign subsidiaries of Canadian banks must comply with Canadian AML and terrorist financing laws, if not located in a jurisdiction with FATF standards.
FinTRAC can now impose non-criminal "violations," including penalties and fines, in addition to the criminal penalties that it is already authorised to charge.
Increased record-keeping will be required for Electronic Funds Transfer Systems (EFTS).

Readers who require the complete text of C-25 can view it on the Parliament "Legisinfo" website: