Blog

In Memoriam: Colleen P. Waddell

Amber D. Scott, Founder & Chief AML Ninja on September 25, 2020

It is with great sadness that we inform you of the passing of Colleen P. Waddell. Colleen passed away on September 23, 2020. She was both a valued member of the Outlier team, and a friend to many Outlier ninjas and clients. She will be missed.

The Iran Ministerial Directive’s Impact

Rodney MacInnes on July 29, 2020

Quick Overview

On July 25, 2020, a new Ministerial Directive (MD) was published in the Canada Gazette by the Minister of Finance on financial transactions associated with the Islamic Republic of Iran. On July 27, 2020, FINTRAC issued guidance on how to incorporate the MD into your anti-money laundering (AML) program, along with some indicators for determining if a transaction is associated with Iran. This MD requires that every transaction originating from or bound for Iran be treated as high risk, regardless of the amount. This includes identifying every client, performing customer due diligence, and recording certain information. It is vital that your AML compliance program documentation contains internal processes related to MDs, even if you do not conduct transactions with Iran (or North Korea, based on the previous MD issued December 9, 2017).

Amended AML Regulations June 10, 2020 – Redlined Versions

Rodney MacInnes on June 10, 2020

The following red-lined versions have been created to reflect final amendments to Canadian anti-money laundering (AML) laws & regulations published in the Canada Gazette on June 10, 2020. Amendments to the Cross-border Currency and Monetary Instruments Reporting Regulations will come into force on June 1, 2020. All other amendments will come into force on June 1, 2021. We have created industry specific blogs to make understanding the changes easier, which are located here.

Amending the Amendments! 2020 AML Changes for Real Estate

David Vijan on June 10, 2020

Background

Back on July 10, 2019, the highly anticipated final version of the amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its enacted regulations were published. However, on June 10, 2020, further amendments to those amended regulations were published in the Canada Gazette. To make reading these changes a little easier, we have created a redlined version of the regulations, with new content showing as tracked changes, which can be found here.

Regulations for Dealers in Virtual Currency – June 2020

Hannah Winter on June 10, 2020

Effective June 1, 2020, entities engaged in Virtual Currency activities are considered as Money Services Businesses (MSBs), and are required to register with FINTRAC and comply with MSB obligations under amendments made to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) that were released on July 19, 2019. Those amendments also require, as of June 1, 2021, reporting large virtual currency transactions. The Department of Finance has since made further amendments to those amended regulations, published in the Canada Gazette on June 10, 2020.

Amending the Amendments! 2020 AML Changes for MSBs

David Vijan on June 10, 2020

Background

Amending the Amendments! 2020 AML Changes for Jewellers

David Vijan on June 10, 2020

Background

Are You a Foreign Money Services Business?

David Vijan on April 27, 2020

Background

On July 10, 2019 amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its enacted regulations were released in the Canada Gazette. The amendments require entities that conduct MSB activities from outside of Canada, directed towards Canadians, to be considered Foreign Money Services Businesses (FMSBs) and therefore comply with Canadian AML obligations. Foreign MSBs must register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and become compliant by June 1, 2020. Check out our blog post to see what your full requirements are.

Outlier’s Response to COVID-19

Amber D. Scott, Founder & Chief AML Ninja on March 13, 2020

In light of the threat currently posed by COVID-19, and related guidance issued by the government of Canada, we are taking steps to ensure that our staff, clients, and friends in compliance are safe. At present, this means that we are limiting in-person meetings and speaking engagements. Fortunately, we’ve always been a relatively tech-savvy team, and we anticipate only minimal disruptions to our regular levels of awesomeness as we move to provide services primarily online in the near term.

Older Posts »

Anti-Money LaunderingConsulting Services & Strategies

David Vijan on November 23, 2020

Background

Amber D. Scott, Founder & Chief AML Ninja on September 25, 2020

Rodney MacInnes on July 29, 2020

Quick Overview

Rodney MacInnes on June 10, 2020

David Vijan on June 10, 2020

Background

Hannah Winter on June 10, 2020

David Vijan on June 10, 2020

Background

David Vijan on June 10, 2020

Background

David Vijan on April 27, 2020

Background

Amber D. Scott, Founder & Chief AML Ninja on March 13, 2020

Anti-Money Laundering
Consulting Services & Strategies