Canada Budget 2026 to expand AML rules to higher-risk gambling, including some horse-race betting

Canada's federal Budget 2026, tabled in the House of Commons on November 5, 2026, includes a plan to bring more gambling activity under the country's anti-money laundering and anti-terrorist financing (AML/ATF) framework.

In Chapter 5 ("Keeping Canadians safe"), the government says that to strengthen detection and disruption of financial crime it intends to "[e]xpand anti-money laundering requirements to cover higher-risk gambling activities, including certain pari-mutuel betting on horse racing, while exempting lower-risk activities." The same section also flags improved information sharing between the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Office of the Superintendent of Financial Institutions (OSFI), and an extension of the AML/ATF registration regime to other sectors such as dealers in precious metals and stones after industry engagement.

What Annex 3 proposes to change in law

Annex 3 (Legislative measures) lists a package titled "Strengthening Canada's AML/ATF Regime." It says Budget 2026 proposes to amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its regulations to:

• expand FINTRAC's ability to share information with OSFI;
• clarify FINTRAC's powers of examination;
• "extend the scope of the PCMLTFA regime as it applies to the gambling sector";
• expand the requirement to register with FINTRAC to certain sectors; and
• make technical amendments.

The annex also proposes transferring responsibility for AML/ATF supervision of federally regulated financial institutions from FINTRAC to OSFI, with related amendments to the OSFI Act. Separate amendments would expand government access to non-public beneficial ownership registry information under the Canada Business Corporations Act and related statutes.

The budget documents do not define which gambling products count as "higher-risk," which "lower-risk" activities would be exempt, or when the changes would take effect. Implementing legislation and regulations would need to fill in those details. Provincial and territorial licensing of gambling is separate from the federal PCMLTFA reporting regime.

Budget 2026 is available on the Department of Finance Canada site at budget.canada.ca. The gambling AML language appears in Chapter 5 and Annex 3.

Photo: Government of New Brunswick / Wikimedia Commons, CC0 1.0 (2017 file photo; blur-fill background added)

If you hold rights to images used in this article and have concerns, please contact us at support@askspinner.com.