Course helps independent advisors create and maintain a FINTRAC compliance regime
The changes are designed to address deficiencies in Canada’s existing AML regime
Discussion paper contemplates including lawyers in Canada’s AML regime
European regulators provide guidance to firms on AML compliance
The guidelines are part of European Union’s fight against money laundering and the financing of terrorism
Revisions aim to respond to growing concerns that financial institutions are exiting correspondent banking
Local laws could limit a firm’s ability to understand who their customers are
The group is also recommending various ways to help reduce the burden of complying with AML rules in a letter to Finance Canada
The penalty was significant as it was the first time FINTRAC has penalized a bank since it was given the authority to issue administrative monetary penalties in December 2008
Weaknesses among firms leave the financial sector vulnerable to abuse by financial criminals