Blog

Don’t Share STRs or STR Data

Amber D. Scott, Founder & Chief AML Ninja on February 3, 2021

Recently the Compliance Officer from a small reporting entity reached out to me to ask an uncomfortable question: should they provide copies of the Suspicious Transaction Reports (STRs) that they had filed with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to their financial services providers such as a credit union or bank?

FINTRAC Examinations for the Real Estate Sector

David Vijan on January 5, 2021

We often hear friends and clients in the real estate sector say they are unsure what to expect if (and when) the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) notifies them of an examination. This article is meant to provide guidance on what to expect and how to ensure a smooth review.

Fixed Fee AML Reviews for the Real Estate Sector

David Vijan on January 5, 2021

No Hassle, Fixed Fee AML Compliance Effectiveness Review Pricing

All real estate developers, brokers and sales representatives are required to have AML Compliance Effectiveness Reviews at least every two years. These reviews involve a review and assessment of your compliance program and operational testing. Real estate developers, brokers and sales representatives will receive a formal review report, and Senior Management must provide signoff on the final report within 30 days of the day it’s issued. While Canadian legislation permits self-reviews, reviews must be independent, something harder to do at small to medium sized firms. The reviewer must be sufficiently qualified. At a minimum, each reviewer must:

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.