Frank Palmay, chair of the corporate and insurance group at the law firm Lang Michener LLP in Toronto describes money laundering schemes and how financial firms can make themselves compliant of new anti-laundering and terrorist rules set by the Financial Transactions Reports Analysis Centre of Canada, a watchdog for money laundering and terrorist financing. Palmay spoke at the Independent Financial Brokers Summit in Mississauga, Ont, held on May 26 and 27.