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Now We Wait… Canada’s Proposed AML Updates

Amber D. Scott, Founder & Chief AML Ninja on September 9, 2018

As of last Friday (September 7, 2018) the comment period for Canada’s draft AML amendments has closed (if you have something to say, they’ll likely still accept submissions for a few more days).

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Real Estate Sector – Identifying Individuals

David Vijan on August 29, 2018

We often hear friends and clients in the real estate sector say they are frustrated that there are not many ways to identify a customer other than meeting them face-to-face. Real estate developers, brokers and sales representatives have an obligation to ascertain a customer’s identity which requires them to refer to specific information and/or documentation to verify a customer’s identity.  However, this does not mean that identification must take place face-to-face. Below is a summary of all the different methods outlined in FINTRAC Guidance that are currently available to identify customers that are individuals and what’s coming.[1]

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Outlier Is Hiring

Amber D. Scott, Founder & Chief AML Ninja on August 22, 2018

Outlier Solutions Inc. (Outlier) is hiring for the position of Admin Assistant, Office Co-ordinator & Jack and/or Jill of All Trades.

Start-Up Life

While Outlier has been operating successfully for five years, we are still in many ways a start-up. As we grow, we need to add a team member to get/keep us organized. We’re experts at documenting processes for our clients, but we haven’t always been great at documenting our own processes. This puts us at risk of missing things as we grow – which is an ironic problem for a risk management company, isn’t it? This will begin as a part-time position with the potential to grow into a full-time position. Hours and working location are flexible (meaning that if you need to pick up the kids, go to class, or just flat out need to take a day to get things done you’ll be able to schedule around it).

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Why rich people don’t just open a bank…

Amber D. Scott, Founder & Chief AML Ninja on August 2, 2018

 

It can be tough to open and maintain a bank account as a crypto-business. A policy of “derisking” (when banks avoid conducting business with customers perceived as being higher risk) leaves many crypto-businesses (and other MSBs) ill-served by the existing banking system.

Read more on Why rich people don’t just open a bank……

The new 5th EU AML Directive

Andreas Farina Vaz on July 26, 2018

Coming into force by January 2020.

The new 5th EU AML Directive followed the 4th EU AML Directive quite soon, driven by the rise of digital currencies, and following the scandal of the Panama and Paradise Papers. It has only been two years since the last EU AML Directive came into force, and the EU wants to reassure its citizens and businesses that they are at the forefront of developing financial crime issues.

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AML Changes For The Real Estate Sector

David Vijan on July 18, 2018

Here We Go Again! Canada’s Proposed AML Changes for Real Estate Developers, Brokers and Sales Representatives

 

On June 9th, 2018, draft amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its enacted regulations (there are five separate regulations that we’re going to collectively call regulations here for simplicity’s sake). This article is intended to give a high-level summary of the proposed amendments as they relate to the real estate industry.

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Canada’s Proposed AML Changes for MSBs

Rodney MacInnes on July 6, 2018

What’s Old is New Again, Well Updated

On June 9th, 2018, draft amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its enacted regulations (there are five separate regulations that we’re going to collectively call regulations here for simplicity’s sake). This article is intended to give a high-level summary of the proposed amendments as they relate to Money Services Businesses (MSBs).

Read more on Canada’s Proposed AML Changes for MSBs…

Don’t Panic: June 2018 AML Update for DPMSs

Amber D. Scott, Founder & Chief AML Ninja on June 22, 2018

As you may have heard, in 2018 the Department of Finance released draft updates to Canada’s anti-money laundering (AML) and counter terrorist financing (CTF) legislation. If you’re the type that likes to read the original legislative text, you can find it here.

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Proposed AML Updates for Credit Unions (2018)

Amber D. Scott, Founder & Chief AML Ninja on June 22, 2018

Today’s guest blogger is Jonathan Krumins, Vice-President, AML Risk & Compliance, at vCAMLO Solutions Inc. vCAMLO provides anti money laundering (AML) and counter terrorist financing (CTF) support to Canadian credit unions. You can learn more about vCAMLO at www.vcamlo.ca.

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The Dos & Donts of Breaking into Blockchain

Amber D. Scott, Founder & Chief AML Ninja on June 18, 2018

This article was created by Amber D. Scott & Emma Todd (of MMH Blockchain Group) with writing assistance from Ailsa Bristow.

We go to a lot of events, and the number one thing people keep asking us is how to get into Blockchain. Developers, students, accountants, lawyers… anyone with something to sell.

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