Day One: Tuesday, September 20, 2022
10:00 EDT15 min
10:15 EDT45 min
- Overview of FINTRAC’s assessment approach
- What is FINTRAC’s approach in assessing the amended regulations
- How harm is factored into our approach and outcomes
- Summary on FINTRAC’s approach post CIF
- Highlight of successes and challenges/gaps we are seeing across some of the sectors
11:00 EDT45 min
With antiquated corporate registries that have limited search functionality and disclose little about ownership, and vast shortcomings in Canada’s financial crime detection and enforcement mechanisms, Canada is among the most opaque jurisdictions globally. it is possible to set up and operate companies from abroad with little risk of being held accountable for wrongdoing.
- The need for transparent company data
- April 2021 proposal to implement a public beneficial ownership registry by 2025
- Shell companies as “the getaway cars of financial crime.”
- Characteristics making Canadian entities attractive as shells
- Why The Limited Partnership (LP) is particularly vulnerable to exploitation for transnational financial crime
- Intermediaries and Intermediary advertisements
- The power of an open registry: Case studies using U.K data
- Other required changes to company laws
11:45 EDT45 min
Key findings from the Cullen Commission final report, which was made public on 15 June 2022
- New initiatives and measures to achieve beneficial ownership transparency, at the national and pan-Canadian level, as well as BC’s Land Owner Transparency Registry
- Law enforcement and regulatory reforms and issues to improve the response to money laundering risks and vulnerabilities
- Public interest in, and awareness of, money laundering issues
12:30 EDT45 min
13:15 EDT45 min
Dealers in virtual currency (VC) have been regulated as money services businesses (MSBs) since 2020. Dealers in VC that hold custody of VC on behalf of clients are also regulated as securities dealers. While the sector faces some unique challenges, it has also risen to the challenge of providing high quality actionable information for law enforcement. The panel will discuss:
- Different VC business models and their respective risk
- Unique VC-related transaction monitoring tools, such as blockchain analytics tool
- Crime-related trends
- Need for threat intelligence
- Need for statement of risk appetite
14:00 EDT45 min
Financial entities, money service businesses, foreign MSBs and casinos are subject to the Travel Rule. The travel rule is the requirement to ensure that specific information is included with the information sent or received in an EFT or a VC transfer. Information received under the travel rule cannot be removed from a transfer.
- What information must accompany an EFT or VC transfer?
- What if an EFT or VC transfer does not include the required information?
- What are “reasonable measures” to obtain the missing information?
- Requirement to describe “reasonable measures” in writing in policies and procedures
- Risk-based written policies and procedures for what to do when reasonable measures are not effective
14:45 EDT15 min
15:00 EDT45 min
- What are reasonable grounds to suspect
- Steps/Measures for determining if you have “reasonable grounds to suspect” (RGS)
- How suspicion may arise
- FINTRAC and self-sssessment, quality control, update on penalties
- Case studies and reporting deficiencies to avoid
15:45 EDT60 min
- What are some of the similarities and differences between an AML compliance investigation and a police investigation?
- Difference between intelligence, information and evidence
- A FINTRAC disclosure is an “intelligence product” based on information provided by reporting entities. What needs to be done to action this as evidence and how can REs complete more relevant STRs?
- What are some of the obstacles when conducting international and high level money laundering / asset forfeiture investigations?
- What does an ideal public private partnership mechanism look like?
- Future crime – crypto or cash / combination / source of funds and predicate crimes
16:45 EDT15 min
Q & A
End of Day One
Day Two: Wednesday, September 21, 2022
10:00 EDT15 min
10:15 EDT45 min
- Important cases imposing administrative penalties
- Damage control:Impact of naming and shaming Lessons learned
- Emerging trends
- Principles and guidelines used by FINTRAC
- Assessing non-compliance issues
- Categories of violation
- Criteria for determining amount
- Assessing “harm done”
- Right of appeal
11:00 EDT15 min
11:15 EDT45 min
- How complete and effective is your compliance program?
- Requirements for larger institutions, federally regulated institutions and smaller companies
- Who should perform the review and what to spend?
- Do your documents (policies, procedures, risk assessment and training) meet requirements for your business?
- What was tested in your review and how, including customer identification, recordkeeping and FINTRAC reporting
- The need to document changes to your program or operations following review
12:00 EDT45 min
12:45 EDT45 min
13:30 EDT45 min
- Addressing heightened risk environment doing business internationally – reputational, legal and sanctions risk
- Key elements organizations need to consider in assessing their Russia exposure
- Managing the interaction of Canadian, US, UK and EU sanctions and trade controls against Russia
- Dealing with the regulators and enforcement authorities
- Mandatory disclosures/reporting to authorities
14:15 EDT15 min
14:30 EDT45 min
15:15 EDT45 min
Public private partnerships (PPPs) involve the coordinated efforts of industry members, regulators and law enforcement working in concert to develop actionable solutions.
16:00 EDT60 min
End of Day Two