Agenda

Day One: Tuesday, September 24, 2024

10:15 EDT

45 min

Prepare 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 min

Key Updates: Parliamentary Review of AML Legislation

2025 will kick off a parliamentary review. Find out about:

  • The process
  • Anticipated outcomes
  • How industry is involved

11:45 EDT

45 min

Be 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 min

Break

13:30 EDT

45 min
Jacqueline Shinfield

Retail Payments Activities Act

Jacqueline Shinfield, Partner, Blakes

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.

14:15 EDT

45 min
Andres Betancourt

The Latest AI Financial Crime Tactics & How to Use AI in the Fight Against Money Laundering

Andres Betancourt, Senior Audit Manager, AML/ATF & Sanctions, Scotiabank

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 min

Break

15:15 EDT

45 min

Requirements for Managing Client and Other Business Relationships: Enhanced Due Diligence & Risk Assessment

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.

16:45 EDT

End of Day One

Day Two: Wednesday, September 25, 2024

10:15 EDT

45 min
John Boscariol

Sanctions & Freezing Assets of Sanction Targets and Enablers

John Boscariol, Leader, International Trade and Investment Law Group, McCarthy Tetrault

  • High level sanctions background and the criminal code.
  • Ministerial directives.
  • Sanctions evasion reporting to FINTRAC.
  • What’s the definition of “sanctions evasion”?
  • What does FINTRAC have in place?
  • How are/how should financial institutions be interpreting the new language?
  • Reporting to RCMP.
  • Power of Global Affairs.
  • Entities controlled by an entity on the sanctions list.
  • Financial Institutions and asset freezing.

11:00 EDT

45 min

Flag Human Trafficking with Data and Analytics – Are You Prepared to Comply with Rigorous New Legislation?

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.

12:30 EDT

60 min

Break

13:30 EDT

45 min

Danger Signs and Complexities Encountered by Crypto Compliance Professionals: Critical Compliance Challenges Within the Digital Asset Realm

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 min

What’s Missing in Canada’s Approach to Financial Crime

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 min

Break

15:15 EDT

45 min

TBA

16:00 EDT

End of Day Two