PROCESSING...
By now, you have likely heard of the Retail Payment Activities Act (RPAA) and associated incoming requirements, which includes the requirement to register with the Bank of Canada (BOC). To help make this a bit easier, Outlier has put together a spreadsheet that will help if you are an organization that needs to register. The RPAA (including registration) generally applies to PSPs that perform any of the following five payment functions:
Written with Heidi Unrau
We have recently become aware that some reporting entities may not be up to speed on a new piece of regulation that came into force earlier this year. If your business has received an invoice from The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), you will want to read this article.
Read more on Regulated Entities Now Covering the Bill For FINTRAC Compliance Costs…
Firstly, I want to thank Amber for all the work she has done as Outlier Compliance Group’s CEO for the past 11 years. Outlier Compliance Group is different from other consulting firms which is a testament to her leadership over the years. Amber may be taking time to enjoy other things in life but she will remain with the Outlier team as Chairperson and Strategic Advisor.
When Outlier Solutions Inc. (Outlier Compliance Group) launched in 2013, the business model was relatively novel: a consulting firm made up exclusively of highly-experienced compliance professionals with deep in-house compliance experience. The firm took its name from Malcolm Gladwell’s Book, “Outliers, the Story of Success,” which espoused the notion that to be truly proficient in a skill, 10,000 hours of practice is required.
Read more on From the outgoing CEO and incoming Chairperson, Amber D. Scott…
The Outlier Compliance Group team is thrilled to welcome our newest member, Divya Bhaktha.
Divya brings deep money services business (MSB) and banking experience.
Divya joins the Outlier team with more than 15 years compliance experience working within the Money Services Business and Financial Institution sector. Throughout her career she has held both operational and oversight roles managing regulatory compliance and risk, contributing to the development and implementation of policies and procedures, conducting comprehensive internal compliance audits, effectiveness reviews, risk assessments and the training of team members, senior management and executives; with proven strengths in communication and building strong business relationships.
Read more on Outlier Compliance Group welcomes Divya Bhaktha!…
Written with Heidi Unrau
iGaming Ontario is celebrating two years in the province. But before your online gaming (iGaming) business can launch, you must register with the Alcohol and Gaming Commission of Ontario (AGCO). This government body regulates gaming activities in Ontario to ensure the industry operates above board and does not become a breeding ground for illicit activity. iGaming refers to casino-like games that are played over the internet such as Blackjack, Roulette, Poker, and Slot Machines.
Read more on Preparing For An iGaming AML Compliance Effectiveness Review…
Written with Heidi Unrau
On March 2, 2024, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) experienced a major cyber incident. As a security precaution, FINTRAC has taken most of its reporting systems offline, including MSB registration. Canadian reporting entities remain responsible for all anti-money laundering (AML) requirements during the outage.
Read more on The FINTRAC Outage: Guide for AML Reporting Agencies…
In a candid interview with SafetyDetectives, Amber Scott and David Vijan, co-founders of Outlier Compliance Group, delve into the intricacies of anti-money laundering (AML) and data privacy in the evolving landscape of financial regulation. With backgrounds as former bankers turned compliance experts, Amber and David offer a unique perspective on the challenges and innovations shaping AML strategies today.
Read more on Interview with SafetyDetectives: A Deep Dive into AML and Data Privacy…
BackgroundOn October 11, 2023, final amendments to regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act were published in the Canada Gazette. The most noteworthy changes fall under the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations and the addition of a new regulation. This round of anticipated changes introduces the compliance requirements for armoured car companies and mortgage lending entities. Additionally, FINTRAC will now be able to charge businesses and individuals for the annual cost of its compliance program as part of its assessment of expenses funding model.
BackgroundBack on June 22, 2023, Bill C-47 received royal assent. As it relates to AML obligations, this has introduced changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). We have summarized what we believe to be the most significant changes below.
