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Note: This blog was co-authored by David Chesworth, CAMS, and Hayley Labbe, CAMS
For many, such as banks and other financial services providers to name a few, it’s been 15 long years of complying with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and implementing Regulations. For others it’s been more recent. There are still some who haven’t taken stock of the risks and implemented appropriate compliance programs.
The following is criteria for the real estate sector that are defined as reporting entities under the Act with obligations to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). MNP has seen these sectors as slow adopters and at risk of being levied with Administrative Monetary Penalties (AMPS) by FINTRAC and reputational risk of being named and shamed. Not everyone will be as lucky as the unnamed bank recently fined.
No Program At All
Compliance Program Maintenance
For any of these or any other anti-money laundering issues, MNP has the experience to assist you. Contact David Chesworth, CAMS, at 416.263.6949 or
[email protected], or contact Hayley Labbe, CAMS, at 604.637.1589 or
[email protected], or your local MNP Advisor.
Related Topics:FINTRAC; Anti-Money Laundering
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