Agenda
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Day 1
June 5, 2024
Networking Breakfast and Registration
Bill C-42 and the National Public Beneficial Ownership Register: How Financial Institutions Can Prepare for Compliance with Canadian Transparency Requirements
Sasha CalderaCampaign Manager, Beneficial Ownership TransparencyPublish What You Pay Canada
Niamh LeonardExecutive DirectorTransparency International
James CohenSenior Director, Industry Practice LeadMoody’s Analytics
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:
- Canada’s Beneficial Owner Registry in a global context
- Where do the provinces fit into the federal national registry?
- Clarity and best practices related to discrepancy reporting
- How are provinces building out technology related to the registry
- Steps toward a pan-Canadian Beneficial Ownership registry
- Guidance on requirements for the federal registry, including its implementation and timeline for reporting and disclosing information on your corporate ownership and control
- How federal, provincial, and territorial governments are working on Beneficial Ownership transparency
Networking Break
Anden ChowPartnerMoloLamken LLP
Raju SidhuSenior Counsel, Legal and Regulatory Compliance BMO Financial Group
Sandy StephensVice President and Chief Compliance OfficerAlterna Credit and Alterna Bank
Peter AzizSenior CounselTorys LLP
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:
- Drafting and implementing policies and procedures to ensure compliance with evolving AML regulations and international standards
- Providing legal guidance and support in investigations and enforcement actions related to suspected money laundering activities
- Collaborating with regulatory authorities and law enforcement agencies to enhance information sharing and coordination in AML efforts
- Improving collaboration between legal and compliance personnel
- Navigating internal information sharing
- A look at the different kinds of production orders and external intelligence, and how to react to them
Networking Luncheon
Unexplained Wealth Orders Update: Impacts, Updates, and What’s Ahead for UWOs and Civil Forfeiture in BC and Beyond
Valerie DahanDetective Constable - Financial Crimes Unit, Asset Forfeiture UnitToronto Police Service
Melinda MurrayExecutive Director, Criminal Property Forfeiture BranchProvince of Manitoba
Jeff SimserBarrister & Solicitor
Former Legal Director
Ministry of the Attorney General
Gary ValiquetteProsector, Guns and Gangs UnitOntario Ministry of the Attorney General
Peter M. German, KC, PhDPresident & A/Executive DirectorInternational Centre for Criminal Law Reform (ICCLR)
Chair, Advisory Committee
Vancouver Anti-Corruption Centre (VACI)
The British Columbia government intensified 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 organized crime activity.
The government enacted several amendments to the Civil Forfeiture Act, notably introducing unexplained wealth orders (UWOs), which mandate that individuals clarify the origins of their assets when suspicions of illicit activity arise. UWOs serve as a potent tool enabling the government to deal with asset concealment through familial or associate ties, helping dismantle the incentives associated with organized criminal activities.
During this panel focused on UWOs, we will discuss:
- The targeting of high-value assets
- Recent amendments to civil forfeiture legislation in British Columbia and Manitoba, including the establishment of unexplained wealth orders (UWOs) as a key strategy
- Building stronger cases against assets used in organized crime, drug trafficking and money laundering
- The advantages and potential pitfalls of UWOs
AI IN AML - PART I
Operationalizing AI in AML: Optimizing AML Efficiency and Effectiveness While Protecting Data Privacy
Drew Galow, MScManaging Director and Head, AML Model Management, Analytics and Machine LearningBMO Financial Group
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:
- Balancing the operationalization of AI in AML with privacy and data protection
- How FINTRAC is increasing reliance on AI
- Best practices for using AI to scan for suspicious transactions
- How FINTRAC is leveraging AI to improve collaboration with financial institutions
- Leveraging AI to cut costs and drive efficiencies
- Navigating the risks, capabilities, and limitations of AI
- Top questions to ask when comparing AI tools from different vendors
- Identifying the value and use of AI in transactions monitoring
Networking Break
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 Insurers
Mitchell A. FlaggCrown Counsel, Serious Fraud Office/Complex Prosecutions BureauMinistry of the Attorney General
Chris RhoneDetective, Provincial Asset Forfeiture UnitOttawa Police Service
Jacqueline ShinfieldPartnerBlake, Cassels & Graydon LLP
Rob VingerhoetsDetective Constable, Proceeds of Crime Section, Financial Crimes UnitYork Regional Police
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:
- Exploring the implications and requirements for newly added reporting entities in complying with AML and ATF obligations
- Examining the expansion of sector regulations to cover mortgage lenders and mortgage brokers
- Introduction of new AML obligations for armoured car companies
- The landscape of heightened penalties for illicit cross-border cash
International AML Trends and Threats Report: Exploring Risks Related to China, Russia, Iran, and North Korea in Canada’s AML and CFT Landscape
John BoscariolPartnerMcCarthy Tetrault LLP
Calvin ChrustieSenior PartnerThe Critical Risk Team
Garry ClementChief AML OfficerVersaBank
Sam CooperNational Online Journalist, InvestigativeGlobal News
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:
- Analysis of evolving risks associated with China, Russia, Iran, and North Korea within Canada’s AML and CFT landscape
- Examination of emerging trends and tactics employed by these nations in illicit financial activities
- Potential implications for Canada’s AML and CFT efforts stemming from financial activities of these jurisdictions
- Recommendations for mitigating risks and strengthening AML/CFT measures in light of the findings regarding China, Russia, Iran, and North Korea
- Assessment of the impact of international AML trends and threats on Canada’s financial institutions and regulatory framework
Closing Remarks and Day 1 Adjourns to Cocktail Reception
Day 2
June 6, 2024
Networking Breakfast and Registration
Cryptocurrency Scams and Cyber Fraud Trends in Money Laundering: The Latest in Romance Scams, Pig Butchering, and Navigating the Crypto Investment Fraud Landscape in Canada
John ArmitActing Detective Sergeant, Anti-Rackets Branch (ARB)Ontario Provincial Police
Torstein BraatenChief Executive Officer and Chief Compliance OfficerCoinsquare
David CoffeyDetective - Financial Services UnitToronto Police Service
Nolan FullerAttaché, IRS Criminal InvestigationUnited States Embassy - Ottawa
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:
- Examination of the rise of romance scams and “pig butchering” schemes as emerging trends in cryptocurrency fraud
- Analysis of the techniques employed by criminals to launder money through cryptocurrency channels
- Exploration of the challenges faced by financial institutions in detecting and preventing cryptocurrency-related fraud and money laundering
- Discussion on the role of regulatory bodies and law enforcement agencies in combating cryptocurrency scams and cyber fraud
- Recommendations for enhancing cybersecurity measures and regulatory frameworks to address the evolving threat landscape posed by cryptocurrency-related illicit activities
Networking Break
Fighting Modern Slavery by Identifying Human Trafficking-Related Money Laundering Indicators and Strengthening Law Enforcement Collaboration in the Emerging Next Chapter of Human Trafficking
Jim CruessAssistant Crown Attorney, Provincial Human Trafficking TeamOntario Ministry of the Attorney General
Richard DunwoodyFounderProject Recover 2019
Gregory VandekerckhoveDetective Constable, Human Trafficking Enforcement TeamToronto Police Service
Rita TrichurSenior Business Writer and ColumnistThe Globe and Mail
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:
- Identifying red-flag indicators of human trafficking for financial institutions
- Exploring the latest money laundering tactics used by transnational criminal organizations and terrorists in Canada and the US
- Examining information-sharing efforts among federal agencies in Canada
- Utilizing data technology to detect trafficking-related suspicious activities
- Collaborating with law enforcement agencies to support money laundering investigations and prosecutions
- Exploring the use of shell companies in Canada to launder money
Networking Luncheon
FIRESIDE CHAT KEYNOTE with Bank of Canada
Guidance on the RPAA: How MSBs, PSPs, and the Financial Institutions that Bank Them Should Prepare for Canada’s New Retail Payments Regime
Gabriel NgoDirector of Enforcement, Retail Payments SupervisionBank of Canada
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:
- Understanding where the PCMLTFA and RPAA regimes intersect for PSPs and how to ensure compliance with both
- Understanding the scope of the new regulations
- Preparing for registration requirements under the RPAA that will come into force on November 1, 2024
- Insights into how the BOC interprets its mandate in respect of who is subject to the RPAA and it casts the BOC’s regulatory net very broadly
- How PSPs will be required to hold client funds, and the implications for FIs who offer deposit accounts to these entities
AI IN AML - PART II
Risks and Deep Fakes in the Fight Against Money Laundering: Protecting Your Organization from the Rise of AI-Generated Threats
As 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:
- Implementing advanced authentication and verification mechanisms to mitigate the risk of deep fakes in financial transactions
- Enhancing AI models with anti-spoofing capabilities to detect and prevent fraudulent activities related to illicit finance
- Conducting regular training and awareness programs for employees to recognize and respond to AI-generated threats effectively
- Collaborating with industry peers and regulatory authorities to share best practices and insights on mitigating AI-related risks in AML
- Top questions to ask when comparing AI tools from different vendors
- Investing in cutting-edge technologies and solutions specifically designed to detect and counteract deep fakes and other AI-generated threats in the financial sector
Navigating Online Gambling in a Post-Cullen World: Convergence of Online Gambling, Sports Betting and Financial Crime Across Canada
Kevin deBruyckereDirector, AML & Investigations, Legal, Compliance, SecurityBritish Columbia Lottery Corporation (BCLC)
Will HillExecutive DirectorCanadian Lottery Coalition
Jason HoAssociate Vice President, AML and Sanctions AdvisoryTD
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:
- Strategies to address emerging risks and vulnerabilities in the digital realm
- Analysis of the impact of the Cullen Commission’s inquiry on the online gambling sector in Canada
- Exploration of the convergence between online gambling, sports betting, and financial crime in the digital realm
- Examination of regulatory frameworks and challenges in overseeing online gambling activities across different province
- The role of financial institutions in detecting and preventing financial crime associated with online gambling
- Recommendations for enhancing collaboration among regulators, financial institutions, and law enforcement agencies to address emerging risks in the online gambling landscape
Networking Break
Redefining Your Risk Strategy: Best Practices for Conducting a Comprehensive Risk Assessment to Identify Gaps in Your AML Program
Ana FolgarManager, AML,
Global Wealth ManagementScotiabankFormer Deputy Executive Director,
Caribbean Financial Action Task Force
Khaled Shoeb, MFAcc, CFEAVP, AML & Financial Crime Risk - Canada & Latin AmericaWells Fargo
Fara Francois SimChief Anti-Money Laundering OfficerCITCO Bank Canada
Emily ZheludevHead of Canada Financial Crimes ComplianceStripe
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:
- Comprehensive evaluation of inherent risks associated with business operations and financial services
- Staying updated on evolving regulatory requirements and emerging financial crime trends with a risk-based approach
- Regular and systematic risk assessments to proactively identify vulnerabilities in the AML program
- Implementation of targeted measures to mitigate identified risks effectively and ensure compliance with regulatory standards
Case Study on IWT – Project Anton: Disrupting Illegal Wildlife Trade through Innovative International Public-Private Partnerships
Duncan HalversonDirector, AI/ML Research and Special Projects, Financial CrimeScotiabank
Patrick MoreauTeam Lead, Terrorist Financing, Threats, International UnitFINTRAC
Cameron FieldVice PresidentVIDOCQ
By 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:
- Overview of Project Anton’s collaborative framework involving governments, law enforcement, conservation groups, and technology firms
- Utilization of advanced technologies and data analytics to enhance surveillance and enforcement against illegal wildlife trade
- Targeting key nodes in the illegal wildlife supply chain to disrupt criminal networks engaged in IWT
- Strategic coordination and information sharing among stakeholders in combatting wildlife crime
- Addressing underlying factors contributing to illegal wildlife trade