As Canadian anti-money laundering (AML) and anti-terrorist financing (ATF) legislation continues to evolve, financial institutions and other reporting entities are faced with significant and challenging obligations that affect their business activities and compliance programs.
Our Financial Institutions Group advises on, and assists clients navigate, the broad range of legal and operational AML and ATF activities to ensure compliance with legislative requirements.
We provide advice to banks (domestic banks and foreign bank branches), trust and loan companies, credit unions, life insurance companies, insurance brokers and agents, securities dealers, money services businesses and others that are subject to Canadian AML and ATF legislation.
- AML and ATF requirements under the Proceeds of Crime (Money Laundering), Terrorist Financing Act (PCMLTFA) and related regulations, Office of the Superintendent of Financial Institutions (OSFI) Guideline B-8 - Deterring and Detecting Money Laundering and Terrorist Financing and the Criminal Code
- Application of AML and ATF requirements to new products and services, including online and mobile payments products and services
- Application of AML and ATF requirements relating to Customer Due Diligence (CDD) standards including client identification (non-face-to-face transactions, politically exposed foreign persons [PEFPs], verification and record keeping)
- Regulatory compliance programs, including risk assessment, existing policy and procedure review, policy development, monitoring and training programs
- Reporting requirements, including suspicious attempted transactions and Suspicious Transaction Report (STR) filings and audit responses
- Legislative and regulatory developments
- Dealing with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and OSFI