New AML rules for private businesses in British Columbia
Effective May 1, 2020, amendments to B.C. Business Corporations Act will require private businesses in the province to keep and maintain transparency records of beneficial owners.
Information to be collected from a beneficial owner will include full legal name, date of birth, citizenship and last known address.
According to B.C. government, ‘the amendments will help end hidden ownership, which can be used to avoid taxes and launder money, by requiring private companies to hold accurate and up-to-date information about the true owners of a company.’
B.C. Ministry of Finance compliance and auditing officers, as well as law enforcement officials, will have access to the registry. Information may also be shared with the Canada Revenue Agency in efforts to stop tax evasion.