Question and Answer session after the Enhancing AML Compliance Regimes in MSB Sectors 2016 Webinar
There has been a lot of debate in the media on the extent of the money service business (MSB) sectors' adaptation and adherence to creating a solid compliance regime with respect to AML/CTF regulations. Many banks have decided to end long-term relationships with the MSB sector, refuse to open bank accounts for businesses that fall into FINTRAC's definition of a MSB, or have adopted de-risking strategies to manage perceived compliance MSB risks. This webinar provides further insight into MSB-sector issues such as unique compliance challenges and solutions when finding and retaining banking services, as well as implementing risk-based practices.
There is no doubt the cost for anti-money laundering compliance is increasing at an exponential rate. Financial crime is becoming highly sophisticated while the global banking ecosystem and regulators are playing catch-up to technology.
Fraudsters are always a step ahead, regardless of advances in digital technology. They leverage on financial innovation and the anonymity it creates to design sophisticated scams to defraud. The manufacturing of fictitious or synthetic identities (IDs) is a fraud that is a growing nuisance.
Where MSBs can fail under new requirements.
This is the first in a series of Securefact Briefing Papers in response to new FINTRAC regulatory regime changes affecting Financial Institutions operating in Canada.
This briefing is specifically written for Money Service Businesses.
Securefact and MNP have partnered together to explain that Attestation is a means for collecting beneficial ownership.
The changes that took effect in February 2014 have left many in the financial service industry question how best they can comply with the new requirements. Securefact and MNP have partnered together to explain the requirements and challenges to the new beneficial ownership requirement in Canada.