Presenters:
- Richard Lee - Pendragon Consulting
- Christopher Walker - ABCsolutions
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New Regulations Mean New Obligations: Getting Proactive About Finance Canada's Proposed Regulatory Enhancements
Original Broadcast Date:
Wednesday, March 7, 2012
On November 7th, 2011, Finance Canada proposed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations with regards to ascertaining identity. These amendments are intended to close gaps between current practices in Canada and the ever-changing standards of the Financial Action Task Force, the international AML standards watchdog. These proposed amendments will not require any changes to Canada's laws but will come into force after Cabinet has voted to implement the changes.
Finance Canada is proposing three key changes and/or enhancements, specifically:
- Introducing the concept of "business relationships" and a series of associated compliance obligations;
- Implementing new activities for which customer due diligence is required; and
- Expanding the scope of customer due diligence obligations.
The concept of business relationships will push the current KYC practices beyond the standard of simply identifying the client, person, or entity towards the realm of examining the business practices they undertake with you. Those relationships will require risk assessment and possible enhanced due diligence. The move to greater customer monitoring will become a new standard.
Reporting entities will also be expected to take reasonable measures to ascertain the identity of customers who conduct transactions that give rise to a suspicion of money laundering or terrorist financing --- even those customers who now are exempt from identification requirements and customers who attempt a suspicious transaction.
Finally, the proposed changes will impact on such compliance issues as expanded beneficial ownership due diligence, including written down steps that were taken; increased ongoing monitoring of customers, their activities, and business relationships with you; plus other enhanced due diligence requirements.
This webcast seminar explores what the changes could mean for your business' compliance regime and your role as compliance officer. Preparing for what will emerge should not wait until the final regulations are announced. Being proactive and preparing possible responses should be part of your strategy for what is to come.