July 20, 2015
In early July 2015, the federal government issued a set of proposed amendments to enhance and modernize Canada’s current anti-money laundering and identity verification regime. Torys’ counsel and member of our Payments and Cards Practice Peter Aziz shared his perspective on these proposed measures in an article published by PaymentsCompliance (Peter also co-authored this bulletin analyzing the new draft amendments with partner Blair Keefe). Below is an excerpt of the article.
Peter Aziz, a counsel at Torys law firm and payments expert, added that the regime could even see the creation of a new state-managed identification system that is suitable for online use, something the regulations now make provision for.
He said: “What I understand is that the federal and provincial governments in Canada are going to be developing some kind of online identification product, but we don’t know much about that yet.
“It’s interesting that it’s appearing in the regulation now in anticipation of this product being developed.”
Aziz said this further reflects the “modernising” of payments, and could make compliance less costly for online and mobile fund transfer businesses.
To read a PDF of the full article, click here.