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New Illegal Wildlife Trade Indicators

Amber D. Scott, Founder & Chief AML Ninja on January 31, 2023

FINTRAC has published a new Operational Alert on the Illegal Wildlife Trade.

The alert includes diagrams of known fund flows, both into and out of Canada (though the latter is most common). Three categories of indicators are included:

Read more on New Illegal Wildlife Trade Indicators…

Suspicious Transaction Reporting Updates

Amber D. Scott, Founder & Chief AML Ninja on December 20, 2022

FINTRAC has published updated resources related to upcoming changes to suspicious transaction reports (STRs) on its Draft Documents page. This includes updated draft guidance on STRs, expected to come into force in September 2023.

Read more on Suspicious Transaction Reporting Updates…

New Terrorist Financing Indicators

Amber D. Scott, Founder & Chief AML Ninja on December 15, 2022

FINTRAC Registration

FINTRAC has published updated indicators related to terrorist activity financing.

These are subdivided into three broad types of violent extremism:

  • religiously motivated violent extremism (RMVE),

Read more on New Terrorist Financing Indicators…

First AML Compliance Effectiveness Review Timing

Rodney MacInnes on October 14, 2022

As a company that gets to work with a lot of startups, and existing companies entering the Canadian market, we get to help folks understand the regulatory landscape in Canada. One of the required elements of a Canadian compliance program is an AML Compliance Effectiveness Review. These reviews must be completed every two years at a minimum. You can think of it like an audit, but for compliance.

Read more on First AML Compliance Effectiveness Review Timing…

9 Years of Entrepreneurship

Amber D. Scott, Founder & Chief AML Ninja on September 1, 2022


If you had told me ten years ago that I would be in the longest-running position in the history of my career, I wouldn’t have believed you. Back then, I was unhappy for various reasons, and while I had started to think about what I really wanted from my work life, I had yet to take some of the big steps to get there. I won’t go into the gory details of where I was or the situations that weren’t working for me. Suffice it to say that there was a lot that wasn’t working, and I didn’t know how to fix it… but I had some ideas.

Read more on 9 Years of Entrepreneurship…

FINTRAC MSB Registration Expired?!?

Amber D. Scott, Founder & Chief AML Ninja on August 2, 2022

FINTRAC Registration

Over the past few months, we have heard from several money services businesses (MSBs) that have experienced issues in renewing their MSB registrations with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). In most cases, these issues are easily resolved. However, if MSB registration issues are not addressed promptly, administrative monetary penalties (AMPs) or criminal charges may ensue.

Read more on FINTRAC MSB Registration Expired?!?…

Outlier Compliance Group welcomes Karene Lewis!

Amber D. Scott, Founder & Chief AML Ninja on July 25, 2022

The Outlier Compliance Group team is thrilled to welcome our newest member, Karene Lewis!

Karene brings deep banking (including credit union) and money services business (MSB) experience.

Karene’s Bio

Karene joins the Outlier team with more than 15 years of experience in the financial services sector; over 10 years of experience working in the Credit Union sector; over eight years of working experience building relationships with MSBs and PSPs, and enhancing and managing compliance programs for a variety of regulated entities.

Read more on Outlier Compliance Group welcomes Karene Lewis!…

EFTs, PSPs & Crowdfunding : Canada’s Changing Regulatory Landscape

Amber D. Scott, Founder & Chief AML Ninja on July 25, 2022

On April 27th, 2022 amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR) and associated regulations related to penalties for non-compliance were passed. These amendments were unusual, as there was little prior public consultation, no pre-publication for public comment, and they came into force “on publication” (right away). This is particularly unusual, as new business models were included in the money services business (MSB) and foreign money services business (FMSB) categories.

Read more on EFTs, PSPs & Crowdfunding : Canada’s Changing Regulatory Landscape…

Effectiveness Reviews for Dealers in Virtual Currency

Amber D. Scott, Founder & Chief AML Ninja on May 15, 2022

Effective June 1, 2020, dealers in Virtual Currency activities were considered as Money Services Businesses (MSBs) and as such, must comply with MSB obligations under amendments made to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). One obligation is to have an AML effectiveness review at least once every two years. MSBs must start their effectiveness review no later than two years from the start of their previous review or in the case of dealers in Virtual Currency, no later than June 1, 2022, the date they were considered to be MSBs under law.

Read more on Effectiveness Reviews for Dealers in Virtual Currency…

Amendments To The Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations – 2022

David Vijan on May 9, 2022

Background

On April 27, 2022 amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations were published in the Canada Gazette. To make reading these changes a little easier, we (thanks Rodney) have created a redlined version of the regulations, with new content showing as tracked changes, which can be found here.

Read more on Amendments To The Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations – 2022…

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