On June 20, 2016, The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) released new Guidelines relating to methods to ascertain the identity of individual clients. These guidelines are in force as of June 17, 2016, and result from changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and Regulations. These amendments were pre-published last July; you can read about them here.

Reporting entities will have one year to adopt the new client identification measures. There is no requirement to perform client identification of existing clients under the new rules if identity was ascertained under the regulations in force at the time.