Beneficial Ownership Structuring Scheme – What could be hidden just below that 25% line? In May 2016 FinCEN released their Final Rule on Beneficial Ownership and Risk-Based Customer Due Diligence. Beneficial Ownership is the “fifth pillar” for anti-money laundering (AML) programs under FinCEN’s rules for banks. Money launderers use transaction structuring to evade triggering of...
Category: <span>Blog</span>
Roundup – January 2017
Are Google and Amazon a Competitive Threat to Banks? Millennials in the United States may end up doing their banking with Amazon, Google, Facebook or Apple when given the opportunity. In a recent study by Accenture over 34,000 generation Y adults/millennials (aged 22 to 34) were asked if they’d bank, buy insurance and get investment...
Canadian real estate industry on FINTRAC’s watch list
In April 2016, FINTRAC fined a Canadian bank $1.1-million for failing to report a suspicious transaction. The fine was called an “administrative monitoring penalty” and was the first for a Canadian bank. Is the real estate industry next? Before we explore that question further, let’s learn a bit more about FINTRAC. About FINTRAC The Financial...
Synthetic ID fraud – Probably the fastest growing and most dangerous ID fraud today
Introduction 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. A more pressing concern, however, is when we see a...