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Pre-Conference Workshops
Workshop A — FINTRAC Preparedness: How to Complete the Perfect STR: Step-by-Step Guidance on Writing and Submitting High Quality STRs to FINTRAC
Jun 4, 2024 9:00am – 12:30 PM
Speakers
Amber D. Scott
Co-Founder and CEO
Outlier Solutions Inc.
Workshop B — KYC Workshop: Complete Guide to Perpetual KYC: How to Navigate the Complexities of Ever-Changing KYC
Jun 4, 2024 1:30pm – 05:00 PM
Speakers
Andres Betancourt
Senior Manager, AML/ATF International, Banking Internal Controls
Scotiabank
Day 1 - Wednesday, June 5, 2024
Day 2 - Thursday, June 6, 2024
Day 1 - Wednesday, June 5, 2024
8:00 |
Networking Breakfast and Registration |
9:00 |
Opening Remarks from the Co-ChairsAna Folgar Khaled Schoeb, MFAcc, CFE |
9:10 |
FINTRAC KEYNOTEStrengthening Protections Against Financial Crimes Across Canada: Modernization, Real-Time Reporting, Enforcement UpdatesDonna Achimov |
9:45 |
Bill C-42 and the National Public Beneficial Ownership Register: How Financial Institutions Can Prepare for Compliance with Canadian Transparency RequirementsSasha Caldera Niamh Leonard Bill C-42, which creates amendments to the Canada Business Corporations Act (CBCA), aims to achieve greater transparency related to beneficial ownership of Canadian corporations governed by the Act. As of January 2024, businesses incorporated under the CBCA are required to file information on individuals with significant control (ISCs) with Corporations Canada. The Act amendments also propose making information available to the public. During this critical discussion, we will explore:
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10:45 |
Networking Break |
11:15 |
The Role of AML Legal in the Modern AML RegimePeter Aziz Raju Sidhu In the modern AML regime in Canada, AML legal plays a crucial role in shaping regulatory compliance and enforcing measures to combat financial crime effectively. During this panel, we will explore:
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12:00 |
Networking Luncheon |
1:00 |
OSFI KeynoteKathy Thompson |
1:30 |
Unexplained Wealth Orders Update: Impacts, Updates, and What’s Ahead for UWOs and Civil Forfeiture in BC and BeyondValerie Dahan Peter M. German, KC, PhD Melinda Murray Jeff Simser Gary Valiquette The British Columbia government is intensifying its efforts against organized crime by introducing a new set of measures aimed at confiscating the proceeds of criminal activities, including high-end vehicles, extravagant residences, and luxury items, thereby diminishing the profitability of gang involvement. The government is enacting several amendments to the Civil Forfeiture Act, notably introducing unexplained wealth orders (UWOs), which mandate individuals to clarify the origins of their assets when suspicions of illicit activity arise. UWOs serve as a potent tool enabling the government to penetrate common money-laundering tactics, such as asset concealment through familial or associate ties, effectively dismantling the incentives associated with organized criminal activities. During this panel focused on UWOs, we will discuss:
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2:30 |
AI IN AML - PART IOperationalizing AI in AML: Optimizing AML Efficiency and Effectiveness While Protecting Data PrivacyDrew Galow, MSc In the current landscape, the Canadian government is increasingly turning to artificial intelligence (AI) as a potent tool in the battle against money laundering. AI empowers companies to analyze unprecedented volumes of data, significantly enhancing the detection of suspicious activities. In this discussion focused on AI and its role in combating money laundering, we will delve into several key aspects, including:
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3:15 |
Networking Break |
3:30 |
New Reporting Entities Under the PCMLTFA: Exploring Expanded Sector Regulations Related to Real Estate, Including Armored Car Services, Mortgage Lenders, Mortgage Brokers, Private Lenders, and Title InsurersJacqueline Shinfield On February 18, 2023, draft regulations proposing amendments to the PCMLTFA were published, initiating a 30-day consultation period. Among various proposed alterations, mortgage lending entities (such as lenders, brokers, and administrators) as well as armoured car companies would be brought under the purview of the anti-money laundering (AML) and anti-terrorist financing (ATF) obligations outlined in the Act and its associated regulations. During this panel discussion, we will explore:
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4:15 |
International AML Trends and Threats Report: Exploring Risks Related to China, Russia, Iran, and North Korea in Canada’s AML and CFT LandscapeJohn Boscariol Garry Clement Sam Cooper As Canada’s financial institutions navigate an increasingly interconnected world, understanding the intricacies of these nations’ financial activities is paramount to mitigating potential risks. During this panel, delve into the evolving risks posed by major global actors such as China, Russia, Iran, and North Korea within Canada’s AML and CFT landscape as we explore:
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5:00 |
Closing Remarks and Day 1 Adjourns to Cocktail Reception |
Day 2 - Thursday, June 6, 2024
8:00 |
Networking Breakfast and Registration |
9:00 |
Opening Remarks from the Co-ChairsAna Folgar Khaled Schoeb, MFAcc, CFE |
9:10 |
Department of Finance Canada KeynoteInsights and Updates on the 5-Year PCMLTFA Review and Consultation on Strengthening Canada’s AML and ATF RegimeErin Hunt |
9:45 |
Cryptocurrency Scams and Cyber Fraud Trends in Money Laundering: The Latest in Romance Scams, Pig Butchering, and Navigating the Crypto Investment Fraud Landscape in CanadaJohn Armit Torstein Braaten Nolan Fuller Cryptocurrency scams and cyber fraud trends have become increasingly prevalent avenues for money laundering, presenting novel challenges in Canada’s financial landscape. This panel discussion explores the latest manifestations of fraudulent activities, including romance scams and the peculiar “pig butchering” schemes, within the cryptocurrency domain. As perpetrators continually adapt their tactics to exploit digital platforms, understanding and navigating the evolving crypto investment fraud landscape is crucial for financial institutions and law enforcement agencies alike. During this critical discussion, we will explore:
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10:45 |
Networking Break |
11:15 |
Fighting Modern Slavery by Identifying Human Trafficking-Related Money Laundering Indicators and Strengthening Law Enforcement Collaboration in the Emerging Next Chapter of Human TraffickingJim Cruess Rita Trichur In the modern global landscape, financial institutions serve as crucial gatekeepers in the fight against illicit activities such as human trafficking and money laundering. As transnational criminal organizations and terrorists continually evolve their tactics, it becomes imperative for financial institutions to stay vigilant and adapt to emerging red-flag indicators. This panel discussion will delve into the latest strategies employed by these nefarious groups in Canada and the US, exploring the intersection of financial crimes and human trafficking. During this panel, we will explore:
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12:00 |
Networking Luncheon |
1:00 |
FIRESIDE CHAT KEYNOTE with Bank of CanadaGuidance on the RPAA: How MSBs, PSPs, and the Financial Institutions that Bank Them Should Prepare for Canada’s New Retail Payments RegimeGabriel Ngo The PCMLTFA and RPAA seek to regulate overlapping activities—those defined as a money services business, and retail payment activities of a payment service provider, respectively. This panel will examine similarities and differences in these definitions, and what each statue requires of these entities beyond registration. Most MSBs will face significant and different compliance obligations under the PCMLTFA and the RPAA. During this panel, we will explore:
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1:30 |
AI IN AML - PART IIRisks and Deep Fakes in the Fight Against Money Laundering: Protecting Your Organization from the Rise of AI-Generated ThreatsAs organizations increasingly turn to AI to bolster their AML efforts, navigating the risks posed by AI-generated threats, including deep fakes, is critical. Deep fakes, AI-generated images, videos, or audio recordings, pose significant challenges in verifying the authenticity of financial transactions and detecting fraudulent activities. In the current landscape, it is essential for organizations to implement robust strategies to protect against these emerging threats while harnessing the benefits of AI technology in their AML frameworks. During this panel, we will explore:
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2:15 |
Navigating Online Gambling in a Post-Cullen World: Convergence of Online Gambling, Sports Betting and Financial Crime Across CanadaKevin deBruyckere In the wake of the Cullen Commission’s inquiry into money laundering in British Columbia’s casinos, navigating the landscape of online gambling has become increasingly complex, particularly with the convergence of online gambling, sports betting, and financial crime across Canada. Join this panel discussion as we delve into the challenges and opportunities presented by the evolving online gambling sector, examining the intersections with sports betting and the potential implications for financial crime prevention efforts. During this panel discussion, we will explore:
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3:00 |
Networking Break |
3:15 |
Redefining Your Risk Strategy: Best Practices for Conducting a Comprehensive Risk Assessment to Identify Gaps in Your AML ProgramAndres Betancourt Khaled Schoeb, MFAcc, CFE Fara Francois Sim Redefining your risk strategy necessitates a thorough and comprehensive risk assessment to identify gaps in your AML program. This entails not only understanding the inherent risks associated with your business operations, but also staying ahead of evolving regulatory requirements and emerging financial crime trends. A robust risk assessment framework should encompass a holistic approach that considers factors such as customer profiles, transaction volumes, geographical risks, and product/service offerings. By conducting regular and systematic risk assessments, organizations can proactively identify vulnerabilities in their AML program and implement targeted measures to mitigate risks effectively. During this panel discussion, we will explore:
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4:00 |
Navigating the Regulatory Landscape Related to Digital Assets in Illicit FinanceNavigating the regulatory framework surrounding digital assets is essential to ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. By dissecting the anatomy of a digital assets investigation, stakeholders will gain valuable insights into effective strategies for combating illicit financial activities in the digital realm, including:
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4:30 |
Case Study on IWT – Project Anton: Disrupting Illegal Wildlife Trade through Innovative International Public-Private PartnershipsBy bringing together governments, law enforcement agencies, conservation organizations, and technology companies, Project Anton represents a collaborative approach to combatting the illicit trafficking of wildlife. This initiative leverages advanced technologies and data analytics to enhance surveillance and enforcement efforts, targeting key nodes in the illegal wildlife supply chain. Through strategic coordination and information sharing, Project Anton aims to dismantle criminal networks involved in IWT while also addressing the root causes of wildlife crime. During this session, we will explore:
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5:00 |
Closing Remarks from the Co-Chairs and Conference Adjourns |
Workshop A — FINTRAC Preparedness: How to Complete the Perfect STR: Step-by-Step Guidance on Writing and Submitting High Quality STRs to FINTRAC
Amber D. Scott
Co-Founder and CEO
Outlier Solutions Inc.
What is it about?
In December 2023, FINTRAC levied its largest-ever fine related to standards on processes to report suspicious transactions, leaving many organizations scrambling to identify and fill in any potential gaps related to their own STR processes and procedures.
STR requirements under the PCMLTFA apply to all reporting entity sectors, and their AML reporting obligations include monitoring financial transactions for signs of suspicious activity and filing Suspicious Transaction Reports (STRs) to FINTRAC. During this workshop, we will break down changes to the STR reporting form as well as overall guidance on writing and submitting a high-quality STR, including:
- To file or not to file? Preparing to submit a high-quality STR and navigating failure to file
- Preparing for FINTRAC examinations and responding to information requests
- Effectively detecting and reporting suspicious transactions to FINTRAC
- Lessons learned from recent AML violation cases
- Implementing a risk-based approach to your overall AML compliance program
- FINTRAC’s risk-based examination framework
- Next steps if you have received a request from FINTRAC
Workshop B — KYC Workshop: Complete Guide to Perpetual KYC: How to Navigate the Complexities of Ever-Changing KYC
Andres Betancourt
Senior Manager, AML/ATF International, Banking Internal Controls
Scotiabank
What is it about?
Mitigating the AML risks associated with customer acquisition and retention require strong Know Your Customer (KYC) and Customer Due Diligence (CDD). During this deep-dive workshop, new and experienced AML and Financial Crimes professionals will learn key aspects and challenges of navigating the complexities of ever-changing KYC.
This deep-dive workshop will provide guidance and practical advice on how to perform CDD and KYC in a manner that makes the grade to avoid the risk of penalty.
During this workshop, we will explore:
- Exploring e-KYC and Perpetual KYC (PKYC)
- Benefits of a PKYC approach
- Improving efficiency in the AML/KYC onboarding process
- Achieving a data-led approach and implementing automation
- Navigating the numerous challenges related to overhauling KYC processes
- Improving reporting standards to better justify risk-based decisions
- Managing the increasing importance of documentation to demonstrate Customer Due Diligence (CDD)
- Optimizing and integrating automating CDD processes