Blog

FATF, VASP – What Does It All Mean?

Amber D. Scott, Founder & Chief AML Ninja on June 27, 2019

On June 21, 2019 the Financial Action Task Force (FATF) released “Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers”. In the ensuing days, while we read through and considered the implications of this dense 57 page document, we watched social media go overboard with all sorts of wild speculation and inaccurate representations. When that happens, and it’s within our power to get good information out there, we do our best to get solid information out fast to fight the fear, uncertainty and doubt (affectionately referred to as FUD online). Let’s take a closer look at the latest FATF guidance, and what it means for businesses that deal in crypto/digital/virtual currencies like bitcoin, and other virtual assets.

Information Should Be Free!

Rodney MacInnes on April 26, 2019

Outlier has produced an open-source AML and CTF, and Privacy repositories of definitions, acronyms, and terminology that is free for whoever wants it.

Please feel free to provide contributions and/or feedback, as it would be greatly appreciated. We have already had three contributors!

FINTRAC Alert – Laundering the Proceeds of a Romance Scam

Rodney MacInnes on April 15, 2019

Quick Overview

On April 11th, 2019, FINTRAC published an Operational Alert issued in part with the Canadian Anti-Fraud Centre. The information provided related to laundering the proceeds of romance scams and mass marketing fraud. The publication provided an explanation of what constitutes a romance scam, some common indicators that may be present and transaction patterns or flow of funds that may suggest fraud.

Technology and Cyber Security Incident Reporting

David Vijan on January 28, 2019

The issue of cyber security incidents seems to continue to be a hot topic for regulators. Late last year, federal Breach of Security Safeguards Regulations came into force, which require organizations to report to the Office of the Privacy Commissioner (OPC), any breach of security safeguards involving personal information under its control where the breach creates a “real risk of significant harm”. Last week, The Office of the Superintendent of Financial Institutions (OSFI) published an advisory, Technology and Cyber Security Incident Reporting, which sets out OSFI’s expectations for Federally Regulated Financial Institutions (FRFIs) with respect to the reporting of technology and cyber security incidents. The advisory becomes effective on March 31, 2019.

Are On Demand Products Right For You?

Amber D. Scott, Founder & Chief AML Ninja on December 6, 2018

For certain industries, including dealers in precious metals and stones (DPMSs) and real estate, Outlier’s on-demand products are anti-money laundering (AML) and counter terrorist financing (CTF) programs that you can buy, customize online using our set up wizard, and download in fully customizable formats.

Mandatory Breach Reporting under PIPEDA

David Vijan on November 8, 2018

Back in late 2017 we published an article on breach reporting. On November 1, 2018, the new provisions to the Personal Information Protection and Electronic Documents Act (PIPEDA) related to breach of security safeguards along with the Breach of Security Safeguards Regulations came into force.

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).

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]

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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