Update on Canada's 2008 anti-money laundering requirements for CAs

Significant amendments to Canada’s anti-money laundering (AML) and terrorist financing laws come into effect on June 23, 2008, followed by even more changes later this year. This article highlights some of the more important new AML regulations, particularly those that may have an impact on chartered accountants and accounting firms. It provides an overview of the changing Canadian and international environments, explains how reporting entities will be affected, reviews the risk-based approach for implementing a compliance program and stresses the need to keep up with new developments. (Read the article Update on Canada's 2008 anti-money laundering requirements for CAs.)