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if you're a financial services company, you are at risk for money laundering. You need to have current, relevant information to ensure you are doing everything necessary to protect your business. Join us in Vancouver or in Toronto for our Money Laundering Risk Tour to learn how to manage your risk.
Ten years ago, Canada took on organized crime by attacking their profits, developing a national initiative to combat money laundering. The initiative includes legislation that coordinates police, intelligence agencies and financial institutions as players in that fight.
Every five years, a parliamentary review process is undertaken to allow MPs and senators to assess the effectiveness of the regime. For the 10-year review, the Senate Committee on Banking, Trade and Commerce invited me to represent the Canadian Institute of Chartered Accountants and to testify about the historical effectiveness of the program and potential legislative changes.
My comments centered on the rationalization of requirements for financial institutions, prevalent money laundering techniques, and the risk-based approach to money laundering deterrence. Following that testimony, I was asked to contribute a paper on enhancing awareness of money laundering methods and countermeasures among companies with responsibilities under Canada's anti-money laundering legislation.
To learn more about AML Compliance, contact MNP today.
Related Topics:Anti-Money Laundering
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