Anti-Money Laundering Amendments Accelerated: Businesses Face Unexpected Compliance Rush

Jonathan Yantzi and Alex Bernicchia-Freeman of Aird & Berlis explain how the Canadian government's unexpected acceleration of anti-money laundering amendments — requiring new reporting entities like factoring companies, cheque-cashing businesses, and leasing firms to comply by April 1, 2025 — has created a significant compliance challenge, particularly for smaller businesses now subject to stringent regulatory obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

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