Thanks for the question.
I think it can't be stated enough just how much work our private sector currently does to keep essentially bad money out of the system. They already follow a range of requirements to check their clients and to make sure that corporate entities can be traced to their beneficial owners. It really needs to be said just how much we appreciate the efforts of banks, realtors, accountants, etc.
While some of the details of the discrepancy reporting will remain to be seen, the core idea is that as they do business with entities and are able to look at their financial records and understand them as clients, if that doesn't line up with what's in the corporate registries that are publicly available, then essentially it's a common-sense step to allow them to be able to report back to Corporations Canada and make sure that the overall system sees the same picture.
We will, as a regulator, be thinking about how that works in practice. That's a step to come once the law is passed.