Day One: Tuesday, September 19, 2023
10:00 EDT
15 minWelcome and Opening Remarks from the Chairs
Amber D. Scott, Founder & CEO, Outlier Solutions Inc.
Andres Betancourt, Senior Audit Manager, AML / ATF & Sanctions, Scotiabank
10:15 EDT
45 minFINTRAC Priorities and Compliance Expectations for 2023
- 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
11:00 EDT
45 minWhat You Need to Know: Parliamentary Review of Canada’s AML Legislation
Charlene Davidson, Director, Financial Crimes Policy, Finance Canada
- What is the Parliamentary Review of Canada’s AML legislation?
- How is industry participating, and how can you provide inputs?
- What are the expected outcomes?
11:45 EDT
45 minHow Do You Measure Up and How to Prepare for FINTRAC Examinations
- The expected detail required for a reporting entity’s compliance program including
details on design, application, and delivery - What to consider in determining how you measure up to FINTRAC requirements.
- The Importance of self-auditing and continuous improvement
- FINTRAC examination practices
12:30 EDT
45 minBreak
13:15 EDT
45 minImpact 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 minNew Comprehensive Compliance Requirements for Mortgage Lending Entities Now Subject to PCMLTFA
Mark Van Stone, Director & Deputy Anti-Money Laundering Officer, First National Financial LP
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 minBreak
15:00 EDT
45 minOperationalizing and Balancing AML Requirements to Assist Vulnerable Persons: Recent Changes in ID Requirements
Moderator: Amber D. Scott, Founder & CEO, Outlier Solutions Inc.
Kristie Lestition, Director, AML Compliance & Fraud, FirstOntario Credit Union
- 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 minAML Compliance Effectiveness Reviews / Audits for Reporting Entities
Rosalind Laruccia, Global Head of Enterprise Risk & Regulatory Compliance, Avison Young
- 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
10:00 EDT
15 minWelcome and Opening Remarks from the Chairs
Amber D. Scott, Founder & CEO, Outlier Solutions Inc.
Andres Betancourt, Senior Audit Manager, AML / ATF & Sanctions, Scotiabank
10:15 EDT
45 minRecent Initiatives: How Beneficial Ownership Registries Increase Transparency / Reduce Illicit Activities
Yves Pepin, Enterprise Registrar, Quebec
Kaine Sparks, Executive Director and Registrar, BC Provincial Government
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.
11:00 EDT
45 minCracking Down on Financial Crimes: Anticipated Benefits of the New Canada Financial Crimes Agency
Pamela Meneguzzi, Special Advisor, Financial Crime Coordination Centre, 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 minCriminal Use of Cyber Currency - How to Stop the Laundering of Criminal Cash
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
12:30 EDT
45 minBreak
13:15 EDT
45 minBest Practices for Safely Managing High Risk Clients
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 minGuidelines on Risk Monitoring Using Key Indicators: Translating Indicators into Useful Recognizable Behaviours
Moderator: Cindy Zhang, Lawyer (Financial Services Regulatory), Borden Ladner Gervais LLP
Sean Parker, Director Transaction Monitoring-Correspondent Banking, CIBC
Claudius O. Otegbade, Director, Compliance & Privacy Officer, WFCU Credit Union
James Moore, Chief Anti-Money Laundering Officer (CAMLO), Digital Commerce Bank
- 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 minSanctions and Sanction Evasion: – Stop the Moving Targets!
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 minRevisiting 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