Taking Steps to Combat Money Laundering

The Government of Canada has noted significant changes in Canada with relation to bad actors in the market and the financial crimes being committed.   In order to protect Canada’s businesses and consumers, as of April 1st, 2025, new financial regulations were implemented. 

This affects everyone, as it attempts to protect everyone.

How does this impact you?

As a customer of any financial service in Canada, from mortgages, to foreign exchange purchases, to leasing,  you will now experience new processes, such as identifying yourself to your finance partners, and validating your signatures and requests.  Some of this might be in person with your provider, some of it might be through the use of new technologies.  

Prime has implemented compliance measures that are intended to protect your business from unscrupulous parties mimicking your business, or stealing your corporate and personal identity for criminal activities. Digital environments and the increasing creativity of AI are making it easy for people to create fake documents of all sorts, so here are a couple of things we are validating with you going forward from April 1 2026. 

1. You will notice when we do a new transaction, we will be asking you to confirm who the shareholders of the business are.
2. You will also experience a request by us to verify who is signing your contract on behalf of the business, (in the event that it is not you, and not in person).   This may involve technology which does digital identity verification.   (no different than accessing your cell phone when locked, for most of us!) 

How the new rules will affect vendors

Vendors are required to be extra diligent, because we need to be certain where the money has come from that is used to make payments on the equipment.  This is not really new, but has more importance than in the past. . This video gives additional information on the new regulations that apply to Prime Capital’s vendors, partners, and brokers.

Our industry has pledged to be part of the solution – financial crimes are stealing more than a billion per year out of the pocket of hard working Canadians.  Together, we can make sure the value we work so hard to create stays in Canada doing the work it is meant to do.  

Thanks as always, for your trust and your support!  Call us any time to learn about how we are protecting your privacy and your information. 

Sources:

https://cfla-acfl.ca/industry-intelligence/anti-money-laundering/index.html 

https://www.linkedin.com/posts/finance-canada_money-laundering-is-a-serious-crime-that-activity-7439760740426772480-BpWj/?utm_source=share&utm_medium=member_ios&rcm=ACoAABaW_e8B1Jmrz_IQ26e7bKnGzbHNaNUdmDw&skipRedirect=true

Third parties: https://fintrac-canafe.canada.ca/guidance-directives/client-clientele/tpdr-eng

Key Changes: https://www.millerthomson.com/en/insights/structured-finance-and-securitization/anti-money-laundering-compliance-alert-new-requirements-financing-leasing-companies/

https://gowlingwlg.com/en/insights-resources/articles/2025/changes-to-canada-s-aml-atf-regime

General Information on Financial Transactions and Reports Analysis Centre of Canada: https://fintrac-canafe.canada.ca/intro-eng 

https://www.youtube.com/watch?v=JVCH_lJPAzM