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MNP's TAKE: Emerging financial technologies (fintech) such as online fundraising programs like crowdsourcing or virtual currencies like Bitcoin pose new opportunities for the financial services sector - and money launderers alike. While the innovative technologies can improve access to services and increase efficiency, the risks associated need to be considered as well. Notably, new regulations under the Proceeds of Crime Money Laundering (Terrorist Financing) Act will impose compliance obligations over some entities effective June 2017.
The increased ability to conduct transactions online while potentially remaining anonymous poses a threat that has drawn the attention of Canada’s financial intelligence unit, FINTRAC. The bottom line is all influencers in the financial industry have to stay on top of emerging technologies and trends to both safeguard our financial stability and encourage innovation. To find out more on how MNP can help, contact Hayley Howe, Senior Manager, Investigative and Forensic Services, at 604.685.8408 or [email protected]
BY THE CANADIAN PRESS
OTTAWA — The head of Canada's financial intelligence unit says regulators must grapple with the challenges of emerging financial technologies, some of which have been exploited by terrorism and organized crime.
But the director of Fintrac says while it's necessary to safeguard Canada's financial stability and consumers from the risks of these innovations, he stresses public oversight should avoid slowing progress in a fast-growing area that brings many benefits.
Speaking at a conference in Ottawa, Gerald Cossette says evidence has shown crowdfunding and virtual currencies like Bitcoin have been used to finance terrorist activities and to launder money.
Cossette says another challenge for regulators is the growth of technologies that make it easier for people involved in all aspects of a transaction to remain anonymous.
The panel discussion was moderated by Bank of Canada senior deputy governor Carolyn Wilkins, who says innovation can pose a bit of threat from a regulatory point of view but that it also offers many potential gains.
Wilkins says these innovations — also known as fintech — can do things like improve access to financial services and boost efficiency for businesses.
The Canadian Press
This article was from The Canadian Press and was legally licensed through the NewsCred publisher network.
Related Topics:Fraud; Anti-Money Laundering; FINTRAC; Financial Institutions
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