Day One: Tuesday, September 24, 2024
10:00 EDT
15 minWelcome and Opening Remarks from the Chair
David Vijan, CAMS, CBP, Co-Founder, CRO & Compliance Ninja, Outlier Solutions Inc.
10:15 EDT
45 minPrepare For Critical Changes Now! New Government Directions in an Era of Action – What’s Coming Down the Pipes?
Combatting financial crime, important initiatives like the federal beneficial ownership registry, modernizing oversight of the financial sector, proposed changes in AML legislation.
Prepare for critical changes including:
- Expected impact of change on your compliance requirements.
- Establishing priorities.
- Government of Canada’s strategy to combat money laundering and terrorist financing over the 2023-2026 planning period.
- Canada Financial Crimes Agency.
11:00 EDT
45 minRetail Payments Activities Act
Payment service providers (PSP) must implement an operational risk management and incident response framework. The framework must ensure that the PSP is able to perform retail payment activities without reduction, deterioration or breakdown and preserve the integrity and confidentiality of those activities, systems, data, and information.
- Risk Management and Incident Response Framework.
- Safeguarding of Funds Framework (Safeguarding Framework).
- Regulations –
- Comprehensive and prescriptive compliance regime for PSPs.
- Significant expenditure of financial and human resources required.
- Risk Management and Incident Response Framework (Framework) that a registered PSPs must implement.
- Framework reviews and testing.
- Fund safeguarding.
- Provision of information.
- Record keeping and retention,
- Administrative monetary penalties.
11:45 EDT
45 minBe Prepared: New Fintrac Examination Protocols
This session will help you meet the challenges of the new examination protocols including: How FINTRAC conducts its compliance examinations; How FINTRAC will assess whether you have implemented and maintained a compliance program that adequately meets all of the legal requirements, and finally; Help you prepare for a FINTRAC examination. Topics will include:
- Examination framework and phases.
- Assessment methods.
- Compliance program requirements.
- Client identification and other know your client requirements.
- Financial transactions reporting requirements.
- Record keeping requirements.
12:30 EDT
60 minBreak
13:30 EDT
45 minKey Updates: Parliamentary Review of AML Legislation
- The process.
- Anticipated outcomes.
- How industry is involved.
14:15 EDT
45 minThe Latest AI Financial Crime Tactics & How to Use AI in the Fight Against Money Laundering
Moderator: Stephen Sargeant, Crypto Compliance Consultant, Airdropd
Learn how various crime groups are leveraging new technologies like AI and how organizations under attack are fighting back. Find out how to use artificial intelligence (AI), machine learning (ML), and big data analytics to detect suspicious activities more efficiently by analyzing large volumes of data and identifying patterns indicative of money laundering.
15:00 EDT
15 minBreak
15:15 EDT
45 minRequirements for Managing Client and Other Business Relationships: Enhanced Due Diligence & Risk Assessment
Charles Gonzales, Senior Manager, Enterprise AML Policies and Regulatory Initiatives, RBC
Increased regulatory pressures governing Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) procedures, and ongoing due diligence in respect of their clients and various banking relationships including taking reasonable measures:
- Prior to entering into a relationship,
- Conducting risk assessments and
- Ongoing monitoring.
16:00 EDT
45 minEffectiveness Testing of Your AML/CTF Compliance Regime
Andres Betancourt, Senior Audit Manager, AML/ATF & Sanctions, Scotiabank
Karene Creen, Bank of China - CAMLO
Rodney MacInnes, COO & AML Compliance Ninja, Outlier Compliance Group
Institutions must ensure their Compliance Programs function as designed and meet regulatory expectations. To ensure such, company’s must test AML program documentation and AML operations/procedures.
- Internal testing and quality insurance
- Independent 2-year reviews
16:45 EDT
End of Day One
Day Two: Wednesday, September 25, 2024
10:00 EDT
15 minWelcome and Opening Remarks from the Chair
David Vijan, CAMS, CBP, Co-Founder, CRO & Compliance Ninja, Outlier Solutions Inc.
10:15 EDT
45 minMitigating Sanctions Compliance and Enforcement Risk in the Face of Geopolitical Instability
John Boscariol, Leader, International Trade and Investment Law Group, McCarthy Tetrault
Addressing the compliance and KYC imperative as economic sanctions have become governments’ new “go to” measure
- Overview of the sanctions compliance and enforcement regimes.
- Obligations to freeze assets, reporting to RCMP, prohibitions against dealings and facilitation.
- Key differences between Canadian and other (US, UK, EU) measures.
“Fallout” and lessons learned from Russia sanctions
- New and emerging issues.
- Determining whether you can do business with entities who may be owned or controlled by sanctioned persons.
- Interpreting Canada’s new “deemed ownership rule”.
- Responding to new information demands from Global Affairs Canada.
- New government seizure and ascertained forfeiture powers over property of sanctioned persons.
- New FINTRAC “sanctions evasion” reporting obligations.
- Dealing with inconsistencies and conflicts among the sanctions regimes of Canada and its allies.
- Strategies for addressing compliance challenges in an environment of no government guidance.
- Preparing for the next major sanctions target – China.
11:00 EDT
45 minFlag Human Trafficking with Data and Analytics – Are You Prepared to Comply with Rigorous New Legislation?
Carrie Chai, Model Development, Enterprise Risk Management, EQ Bank
Human trafficking and modern slavery are happening across Canada. The Fighting Against Forced Labour and Child Labour in Supply Chains Act, 2023 (Modern Slavery Act) has brought forward significant reporting obligations. This session will help you understand modern slavery, identify risks in the supply chain and implement policies, processes and monitoring to detect and avoid forced labour to comply with the new legislation.
- Detecting human trafficking.
- Key indicators for victims and traffickers.
- Leveraging tools to detect patterns of behaviour.
11:45 EDT
45 minWhat you Need to Know About the Intersection of Fraud and AML - Fighting the Fraud Epidemic
David Coffey, Financial Crimes Unit, Toronto Police Service
Stephen Scott, Civil Forfeiture Liaison Officer, Alberta Law Enforcement Response Team (ALERT)
Statistically, almost half of Canadians have acknowledged being victims of fraud (so the real number is likely higher).
- What are the fraud trends?
- Complex and evolving security threats.
- How are we fighting back?
- How can industry better support the fight?
12:30 EDT
60 minBreak
13:30 EDT
45 minDanger Signs and Complexities Encountered by Crypto Compliance Professionals: Critical Compliance Challenges Within the Digital Asset Realm
Charlene Cieslik, CAMS, Chief Compliance Officer, Localcoin
Mike Fawcett, Crown Counsel, Ontario Ministry of the Attorney General
Adrienne Vickery, Supt. Director, Financial Crime, Federal Policing Criminal Operations
The rise of cryptocurrencies and virtual assets presents new challenges for AML efforts. While some cryptocurrencies offer greater privacy and anonymity, others, like Bitcoin, are increasingly subject to regulatory oversight. Regulators are focusing on implementing measures to ensure that virtual asset service providers (VASPs) comply with AML regulations.
- Challenges
- Are there solutions?
- Best practices
14:15 EDT
45 minWhat’s Missing in Canada’s Approach to Financial Crime
Trevor Loke, Executive Director, Transparency International Canada
Experts estimate that housing prices in British Columbia are 3.7 per cent to 7.5 per cent higher than they would be in the absence of money laundering. Canada’s anti-bribery enforcement rate has been called “exceedingly low;” There is a general lack of detailed statistics on foreign bribery detection sources, mutual legal assistance, and enforcement to allow Canada, to assess the effectiveness of efforts to combat foreign bribery.
- Level of perceived corruption.
- Canada’s role in globalization of corruption – Why is Canada considered a safe haven for corrupt actors to launder?
- Types of corruption including bribery, diversion of public funds and more.
- Need for effective prosecution of corruption cases, adequate legal frameworks, access to information, and legal protections for whistleblowers, journalists and investigators.
15:00 EDT
15 minBreak
15:15 EDT
45 minPrivate Public Partnerships and Project Shadow
Project Shadow is one of a number of public-private partnership initiatives. Supported by Canadian law enforcement agencies, Fintac, Financial Institutions and Canadian Centre for Child Protection, the objective of the project was to improve the collective understanding of the threat, and to improve the detection of the facilitation and laundering of the proceeds from online child sexual exploitation. Find out:
- The context and rationale for development of the project
- Challenges
- Solutions
- Effectiveness
- Impact on the scope of the problem.
16:00 EDT
End of Day Two
Optional Workshop: Thursday, September 26, 2024
10:00 EDT
180 minEconomic Sanctions Compliance Risks and Challenges
Russia Sanctions Global Due Diligence and Screening to Detect Sophisticated Schemes
As Russia digs deeper to evade controls, are you prepared for the largest sanctions and export control regime in history?
- Best practices for more effective due diligence screening and compliance processes to prevent evasion.
- Forfeiture to fund the reconstruction of Ukraine.
- Flagging new schemes.
- Recent prosecution and enforcement actions.
FINTRAC Reporting Obligations
- Changes to FINTRAC reporting forms.
- Sanctions – due diligence procedures.
- Red flags for high-risk sanctions evasion.
Export Controls and Economic Sanctions
- Supply chain and third-party due diligence.
- Components of an effective, risk-based sanctions and export compliance program.
- New red flags.
Complying with New Deemed Ownership Rule under SEMA and the Magnitsky Law
- Significant amendments to Special Economic Measures Act (SEMA).
- Ownership and control rules.
- Expanded due diligence into counterparties that might be owned or controlled by sanctioned parties.
- Challenges related to complying with new amendments.
Expanding Sanctions and Export Controls on China
Update on Canada’s Asset Seizure and Forfeiture Regime: Opportunities and Practical Challenges
Impact of Recent Cases on Financial Institutions and Multinationals Operating in Canada
- Canada’s significant new powers under SEMA (Special Economic Measures Act) amendments.
- Key developments on seizure and forfeiture of assets.
- Challenges related to implementation of the new powers.
- Prospects for using proceeds for the reconstruction of the Ukraine.
- Enforcement priorities.
- Important enforcement cases.
- How to mitigate liability risks.
Vetting and Monitoring Third Parties: Your Supply Chain and Business Partners in Russia, China
Canada’s Modern Slavery Act and Economic Sanctions
This Act came into force Jan. 1, 2024.
The Options: Strengthen processes or face stiff penalties, heavy fines, or criminal prosecution.
- Canada’s Modern Slavery Act, Bill S-211.
- Preventing violations across the supply chain and trade operations, including goods within and into Canada.
- Strengthening and monitoring human rights due diligence policies.
- Enhancing remedy and mitigation measures.
- Reducing the risk of forced labour in the supply chain.