Category: Blog

Canadian Crypto Exchanges to be regulated as Money Services Businesses
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Canadian Crypto Exchanges to be regulated as Money Services Businesses

In an article published on May 30, 2018 titled “Canadian Crypto Exchanges Push for Greater Regulatory Clarity”, it’s reported that a number of Canadian crypto exchanges are looking for greater clarity regarding regulatory compliance obligations. Some of them have already taken the initiative to report to the Financial Transactions and Reports Analysis Centre of Canada...

June 13, 2018June 13, 2018In Blog
Are Canadian banks doing their part to comply with FINTRAC regulations?
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Are Canadian banks doing their part to comply with FINTRAC regulations?

A recent CBC News article titled, “Ottawa’s secret report on money-laundering points finger at Canada’s banks” highlights the findings of a confidential annual report which looked at Fintrac’s probe of nine banks in 2016-2017. In examining the banking sector, the report found that “67% were found to have significant levels of non-compliance” in regard to...

April 7, 2018May 30, 2018In Blog
Private lending opens new opportunities for money laundering
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Private lending opens new opportunities for money laundering

Private lending secured against a property’s title has traditionally made up a very minor portion of mortgages in terms of both volume and value (e.g. the bank of mom/dad/grandparents). The hot Canadian housing market over the last decade, coupled with recent efforts by the Office of the Superintendent of Financial Institutions (OSFI) to increase stress...

February 23, 2018April 9, 2018In Blog
Build vs. Buy for Compliance – What business are you in?
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Build vs. Buy for Compliance – What business are you in?

The most basic question affecting any organization’s development strategy is whether to buy or build operational solutions. Nowhere is this decision more critical than in the area of AML Compliance. Any time there is an element of regulatory risk, there can be a tendency amongst organizations with proficient IT departments to go the “build” route,...

December 12, 2017April 27, 2018In Blog
The beneficial ownership conundrum: Does your financial institution’s global anti-money laundering compliance program meet regulators’ expectations?
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The beneficial ownership conundrum: Does your financial institution’s global anti-money laundering compliance program meet regulators’ expectations?

Introduction Large financial scandals that come to light are in most cases associated with individuals that own a complex web of anonymous companies, partnership and trusts spread across multiple jurisdictions. As is often the case, they use professional advisors and financial institutions to structure the entities to ultimately hide the beneficial owners and the source...

November 1, 2017April 27, 2018In Blog