Agenda

Day One: Tuesday, September 19, 2023

10:15 EDT

45 min
Nathalie Martineau
Opening Keynote Address

FINTRAC Priorities and Compliance Expectations for 2023

Nathalie Martineau, Regional Director, FINTRAC

  • Strengthening Canada’s AML/FTA regime
  • Canada’s legislative framework  – where are we going?
  • Working with counterparts in financial intelligence and regulatory agencies
  • Pursuing innovation to better manage in  today’s  challenging  environment
  • Public-private partnership initiatives

12:30 EDT

45 min

Break

13:15 EDT

45 min
Jacqueline Shinfield

Impact of Recent Developments Under AML Law and Policy - Prepare Now!

Jacqueline Shinfield, Partner, Blake, Cassels & Graydon LLP​

  • Beneficial ownership registry;
  • Canada’s new Inherent Risk Assessment;
  • Proposed changes to the PCMLTFA;
  • Mortgage lenders and brokers;
  • Armoured car carriers;
  • FINTRAC expenses passed on;
  • The Retail Payments Activities Act-what you need to know

14:00 EDT

45 min
Mark Van Stone Morgen Cookson

New Comprehensive Compliance Requirements for Mortgage Lending Entities Now Subject to PCMLTFA

Mark Van Stone, Director & Deputy Anti-Money Laundering Officer, First National Financial LP

Morgen Cookson, Director / Chief Anti-Money Laundering Office, Financial Intelligence Unit – Enterprise Risk Management, MCAP

Some mortgage lenders have historically implemented voluntary AML compliance. With updates to the PCMLTFA and regulations first released in draft in early 2023, all mortgage lenders will be required to implement comprehensive AML programs.

  • Explore what the implementation of AML requirements means for the mortgage lending industry
  • Understand the application of a risk-based approach to mortgage lending AML with top compliance professionals
  • Consider whether gaps remain in the real estate industry that facilitate “snow washing”

14:45 EDT

15 min

Break

15:00 EDT

45 min

Operationalizing and Balancing AML Requirements to Assist Vulnerable Persons: Recent Changes in ID Requirements

  • What is acceptable non-standard ID?
  • What policies and procedures are required?
  • How are banks operationalizing the requirements: “document(s) from a reliable source,” “customer in good standing with the Bank,” and “natural person of good standing in the community,”
  • Policies and procedures to be informed by an assessment of related risks and account for the use of controls and measures to mitigate  risks
  • How are changes allowing financial institutions to provide deposit accounts for vulnerable persons, without complete identification, working? ?
  • Training staff to balance AML requirements against the need to assist vulnerable persons

15:45 EDT

45 min

AML Compliance Effectiveness Reviews / Audits for Reporting Entities

Rosalind Laruccia

  • Completeness and effectiveness of your anti money laundering (AML) and counter terrorist financing (CTF) compliance program
  • Requirements for larger institutions, federally regulated institutions and smaller companies
  • Deciding who should perform the review and what to spend
  • Testing your documented program (policies, procedures, risk assessment and training)  Do they meet the requirements for your business?
  • Testing operations – what was tested and how, including customer identification, recordkeeping and FINTRAC reporting

16:30 EDT

End of Day One

Day Two: Wednesday, September 20, 2023

10:15 EDT

45 min

Recent Initiatives: How Beneficial Ownership Registries Increase Transparency / Reduce Illicit Activities

Updates to federal legislation will create a beneficial ownership registry that is intended to increase transparency and prevent the use of corporations for illicit activities. 
Québec is the first Canadian jurisdiction to put in place a system that will make corporate and other ultimate beneficiary information publicly accessible.  This session will discuss issues relating to both initiatives.

11:00 EDT

45 min
Marc Y. Tassé

Cracking Down on Financial Crimes: Anticipated Benefits of the New Canada Financial Crimes Agency

Kristin Solvason, Acting Executive Director, Anti-Money Laundering, Public Safety Canada

Marc Y. Tassé, External Member - Departmental Audit Committee, Public Safety Canada

  • What have we learned from the five-year pilot, and pre-cursor to the new agency – The Financial Crimes Coordination Centre (FC3)?
  • How will Canada’s intention to crack down on financial crimes be realized through the New Canada Financial Crimes Agency?
  • Will the new Agency be a stand-alone law enforcement agency – with the ability to lay charges – or a co-ordinating body assisting in financial crimes investigations?
  • How will bringing together the RCMP, the Financial Transactions and Reports Analysis Centre (FINTRAC) and the Canada Revenue Agency improve Canada’s ability to tackle financial crime

11:45 EDT

45 min
Adrienne Vickery

Criminal Use of Cyber Currency - How to Stop the Laundering of Criminal Cash

Adrienne Vickery, Insp., OiC Cryptocurrency / Money Laundering, Federal Policing Criminal Operations, RCMP

Cryptocurrency has become a go-to source to launder millions in criminal cash, because it can be exchanged into legal tender paper money such as Canadian or U.S. dollars. A total of $75 million was linked to cryptocurrency-enabled frauds in Canada in 2021, up from $22.8 million in 2020 and $8.2 million in 2019

  • Criminal use of crypto currency
  • Investigative techniques when crypto currencies are involved.
  • Current trends in the illicit use of cryptocurrency, tracing the flow of digital currency,
  • Case studies, legal concerns and seizures
  • How blockchain is used to movement cryptocurrency
  • Finding out is who is controlling the cryptocurrency

12:30 EDT

45 min

Break

13:15 EDT

45 min

Best Practices for Safely Managing High Risk Clients

Jennifer Arnold, Minerva AI

Today’s institutions are facing increased regulatory pressures governing Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) procedures, particularly regarding high-risk customers. Find out: How can you better manage and mitigate risks associated with these customers

  • The challenges of conventional approaches
  • Four areas of focus to strengthen your CDD/EDD program:
    • High-Risk Customer Segmentation
    • Risk Stratification
    • EDD Reviews
    • High-Risk Customer Surveillance

14:00 EDT

45 min

Guidelines on Risk Monitoring Using Key Indicators: Translating Indicators into Useful Recognizable Behaviours

Moderator: Cindy Zhang, Financial Services Lawyer, Borden Ladner Gervais LLP

  • OSFI Releases Draft Culture and Behaviour Risk Guideline
  • FINTRAC indicators, how do they compare, and how do we translate them into recognizable behaviours that are useful?
  • What do AI indicators look like?
  • How money moves through the Canadian economy – what are the indicators?
  • Use of AI to modernize your risk-based approach

14:45 EDT

45 min
John Boscariol

Sanctions and Sanction Evasion: – Stop the Moving Targets!

John Boscariol, Partner, McCarthy Tétrault LLP

As the Russian invasion of Ukraine entered its second year, the Financial Action Task Force (FATF) suspended Russia’s membership, and FATF member jurisdictions imposed new sanctions. Sanctions risk and compliance is now a priority concern for C-suite and the board.  For Canadian reporting entities, the value of sanctions compliance is clear, but the path to compliance may not always be equally evident.

  • Geopolitical risk and threat – Russia, China, Iran and other targets
  • Freezing assets of sanction targets and enablers
  • New mechanisms for forfeiture of sanctioned person assets
  • Canada’s new “deemed ownership” rule
  • Addressing key differences between Canadian sanctions and those of its allies (US, UK and EU)
  • Canadian-specific sanctions compliance challenges
  • Countering sanctions evasion
  • Ensuring preparedness for rapidly evolving sanctions regimes
  • Changes to the screening landscape
  • Preparing for expanded economic sanctions against China

15:30 EDT

45 min
Closing Keynote Address

Revisiting Risk in a Climate of Economic Insecurity

Kim R. Manchester, Managing Director, ManchesterCF Financial Intelligence

Geopolitical tensions, a cost-of-living crisis, and a looming recession are creating the need to double down on risk mitigation efforts. This session will consider:

  • Crime in Canada – are we still “snowwashing?”
  • How have the COVID-19 pandemic, and rising inflation affected financial crime trends?
  • What’s next, and is Canada well-equipped to handle it?

16:15 EDT

End of Day Two