Agenda

Day One: Tuesday, September 20, 2022

10:15 EDT

45 min

FINTRAC Update: New Regulations and the New FINTRAC Assessment Model

Kelly Young, FINTRAC

  • Overview of FINTRAC’s assessment approach
  • What is FINTRAC’s approach in assessing the amended regulations
  •  How harm is factored into to 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 EDT

45 min

Snow Washing – Why Canada is Marketed Abroad as a Secrecy Jurisdiction Exploited by Drug Dealers, Arms Traffickers, Corrupt Politicians and More

Eric Hansen, Manchester CF, Financial Intelligence

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 EDT

45 min

Cullen Commission of Inquiry into Money Laundering in British Columbia: Findings and Recommendations

The Commission report is expected at the end of May, 2022. The session will cover findings of the extent, growth and methods of money laundering and review recommendations put forward by the Commission.

12:30 EDT

45 min

Break

13:15 EDT

45 min
Adrienne Vickery Sam Wiltshire

Managing the Risk of Crypto Assets: AML Regulation of Criminal (Cryptocurrency) / Virtual Currency

Moderator: Charlene Cieslik, LocalCoin

Adrienne Vickery, OiC Money Laundering / Cryptocurrency, Federal Policing Criminal Operations, Royal Canadian Mounted Police

Sam Wiltshire, Wealth Simple

Jennifer Morin, Coinsmart

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 EDT

45 min
Paul Burak

Reporting Obligations – Electronic Funds Transfer, Virtual Currency and the Travel Rule

Paul Burak, Compliance Office, Shakepay Inc.

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 EDT

15 min

Break

15:00 EDT

45 min

The Essentials of Suspicious Transaction Reporting!

Jacqueline Shinfield, Partner, Blakes

  • 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 EDT

60 min

Police Observations on New Trends: New Typologies, Emerging Red Flags & Practical Guidance for Reporting Entities

Stephen Scott, S SCOTT (AML) and SECURITY CONSULTING

Dale Duchesne, The Royal Canadian Mounted Police (RCMP) Greater Toronto Area (GTA), Integrated Money Laundering Investigative Team (IMLIT)

  • 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 EDT

15 min

Q & A

17:00 EDT

End of Day One

Day Two: Wednesday, September 21, 2022

10:15 EDT

45 min

Naming, Shaming and Penalties

Elizabeth Sale, Partner, Osler, Hoskin & Harcourt LLP

  • 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 EDT

15 min

Break

11:15 EDT

45 min
Jennifer Fiddian-Green

AML Compliance Reviews for Reporting Entities

Rebecca Ip, Partner, Risk Consulting & Financial Crimes, KPMG Canada

Jennifer Fiddian-Green, Partner, National AML Services, Grant Thornton LLP

  • 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 EDT

45 min

Break

13:30 EDT

45 min
John Boscariol

Mitigating Russia Sanctions and Trade Controls Risk

John Boscariol, Partner in the Litigation Group, Leader of the International Trade & Investment Law Group, McCarthy Tétrault LLP

  • 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 EDT

15 min

Break

16:00 EDT

60 min

Navigating Regulatory Change: Last Words from the Experts

17:00 EDT

End of Day Two