Expert Support and Guidance for Your Team
At Castleview, Anti-Money Laundering is a Core Business Line.
Our Anti-Money Laundering Expertise includes:
- Up-to-date Regulatory Intelligence for Executives
- Custom Design of Compliance Policies and Programs;
- Internal Review of Reporting, Client Identification, and Record Keeping Systems;
- AML Risk Assessments;
- Training AML Teams on compliance policies and programs.
Canada's Legal Regime to Combat Money Laundering is Complicated
Legal Regime
- The Proceeds of Crime (Money Laundering) Act entered into force in 1991 thereby establishing record keeping requirements and client identification requirements.
- The Proceeds of Crime (Money Laundering) Act was amended in 2000 so as to expand the scope of its application and to establish a financial intelligence unit with national control over money laundering, i.e. Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
- In 2001, the Proceeds of Crime (Money Laundering) Act was again expanded and the Act was re-named as the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
- In 2006, partly in response to pressure from the Financial Action Task Force (FATF), the Proceeds of Crime (Money Laundering) and Terrorist Financing Act was further amended to strengthen Canada's anti-money laundering regime.
- The 2006 amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act expanded the client identification, record-keeping and reporting requirements for covered organizations as well as certain new obligations.
- Canada's anti-money laundering regime applies to a wide-range of entities that includes: banks, insurance companies, securities brokers, real estate, money services businesses, accountants, jewellers, and casinos.
Organizations Face Extensive, Complicated Requirements
- Understanding and implementing the Reporting Requirements.
- Understanding and implementing the Client Identification requirements.
- Implementing the document retention and record keeping requirements.
- The 2006 amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act did not merely expand the client identification, record-keeping and reporting requirements.
- The Proceeds of Crime (Money Laundering) and Terrorist Financing Act now contains obligations for covered entities to report attempted suspicious transactions and outgoing and incoming international electronic fund transfers, undertake risk assessments and implement written compliance procedures in respect of those risks.
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Diligence and Compliance Solutions
We help Canada's responsible business leaders design and implement risk-based solutions. Click here now to learn more about how we can help with AML issues.
Inadequate Compliance May Have Serious Consequences
FINTRAC and Other Investigations
investigations, searches and compulsory and voluntary information requests:
- Attending on criminal and regulatory searches.
- Regulatory, criminal and civil investigations and inquiries.
- Advice and assistance in relation to production orders.
- Advice and assistance with FINTRAC investigations, inquiries and audits.
- Search and seizure guidelines.
FINTRAC Fines
The compliance officer is a key part of the organization’s compliance program. The compliance officer’s mandate typically involves:
- Oversight of the implementation of the compliance program.
- Oversight of the effectiveness of the compliance program to ensure compliance with the legislation.
- Identification of areas of concern that may present risks to the organization.
- Oversight of the review and audit of the compliance program.
The compliance officer also has a corporate mandate that typically involves:
- Oversight of the implementation of the compliance program.
- Oversight of the effectiveness of the compliance program to ensure compliance with the legislation.
- Identification of areas of concern that may present risks to the organization.
- Oversight of the review and audit of the compliance program.
We are here to help
Diligence and Compliance Solutions
We help Canada's responsible business leaders design and implement risk-based solutions. Click here now to learn more about how we can help with AML issues.