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  and BC are the first Canadian jurisdictions to put in place a system that will make corporate and other ultimate beneficiary information publicly accessible.  This session will discuss issues relating to these initiatives.

• 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

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
• Finding out is who is controlling the cryptocurrency

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

• 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

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

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?