Canadian Credit Union Association’s Post

MEMBER UPDATE: Outlier Compliance Group’s co-founder Amber D. Scott shares a brief overview of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) - who they are and what they do. Check out Outlier Compliance Group’s YouTube channel to learn more about AML and compliance. https://lnkd.in/gRwR5_H7 #AML #riskmanagement #FINTRAC

One of Amber D. Scott's many remarkable qualities is her ability to break down complicated subjects into plain language that helps listeners learn. Check out this simple explainer from Outlier Compliance Group explaining what FINTRAC is and why it matters. #financialregulations #explainer

There are real victims, a tragic human cost, from money laundering and terrorist/trafficking financing activities. Good to see the progress and impact that FINTRAC Canada | CANAFE Canada is making in combating these crimes with their partners. #AML #ATF #antimoneylaundering #antiterroristfinancing

When it comes to compliance with FINTRAC's regulations, simply having policies and procedures isn't enough. It's crucial to demonstrate that these documents are actively being implemented and that adequate controls are in place to ensure compliance. This means showing evidence that your compliance measures are more than just paperwork—they must be ingrained in your organization's daily operations. Regular audits, staff training, and a proactive approach to identifying and mitigating risks are essential components of a robust compliance program. Ensure your compliance framework is not just documented but effectively practiced and enforced. #fintrac #compliance #riskmanagement

Will Ottawa intensify its fight against financial crime? 🛡️ #Budget2024 unveiled new measures aimed at strengthening enforcement to combat financial crimes such as fraud and money laundering. 💼💰 In a conversation with Canadian Lawyer Magazine, Alana Scotchmer, of our Financial Services and Technology Group, weighs in on the government's efforts to bolster these initiatives. While acknowledging the important work being done by FINTRAC Canada | CANAFE Canada, she emphasizes that much remains to be done. Take a look 👉 https://gowlg.co/4anN8uI Gowling WLG FSxT | #FinancialServices #FinancialCrime

Feeling overwhelmed by compliance requirements? You're not alone! Explore the latest insights on FINTRAC compliance and how it has evolved. Discover the top mistakes made by brokerages and get ahead of future compliance issues. Plus, learn how to mitigate risks and start your compliance journey today. Click the link for insights and tips on navigating the changing regulatory landscape. LINK: https://lnkd.in/emXZce2S 🇨🇦 -- KIC Kaleidoscope focuses on the Canadian real estate market, delivering updates on the present trends and developments within the brokerage landscape. #KICRealty #WelcomeHome #MoveInWithUs

Mid Week Deals! Big discounts for Wednesday Weekly Deals, drop me an email 📧:shannon.evans1@creditsafeuk.com 💰 At Creditsafe, we aim to minimize as much risk within a business as possible through many of our products. Just because you haven't had a fire in the last year, does this mean you wouldn't keep an extinguisher "just in case"? Of course you would! 🔥 Get on board and protect your business with Creditsafe now! #Creditsafe #RiskManagement #BusinessSolutions #AMLchecks #BankVerification #ReportChecking #DebtCollection

Explore the key takeaways from Jersey’s fifth round MONEYVAL mutual evaluation in our latest blog. Learn about how the Island has been improving its #AML/CFT measures. Don't miss out on these crucial insights into global regulatory standards. Read now: https://lnkd.in/e6_jYqRr

My new article discussing the foundations of an approach for market risk capital titled "Overview of the Simplified Standardized Approach (SSA) for Market Risk". SSA is a comparatively simpler approach vis-a-vis SA and IMA. Further, this is an approach which some banking regulators globally have advised the banks in their jurisdictions to follow for calculation of regulatory capital for market risk. Do give it a read! Link to the article: https://lnkd.in/dybFTphQ FinQuest Institute LLP #finquestinstitute #riskcapital #marketrisk #regulations #blogpost

In light of recent enforcement actions by FINTRAC, I would like to remind all real estate brokerages in British Columbia of the critical importance of complying with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) requirements. These obligations, including client identification, record keeping, and suspicious transaction reporting, are foundational to protecting our industry from misuse. A recent administrative penalty imposed by FINTRAC against a brokerage for non-compliance—resulting in a fine of $255,750—underscores the significant consequences of failing to meet these legal obligations. The penalties were due to the brokerage’s failure to report suspicious transactions and implement an adequate compliance program. It is imperative that all brokerages take the necessary steps to review and update their compliance measures. Ensuring that your policies and procedures, employee training, and reporting systems are current is not only a regulatory requirement but a safeguard for your business and the integrity of the industry. By prioritizing compliance, we can collectively contribute to a stronger, more transparent real estate sector. #RealEstateCompliance #PCMLTFA #FINTRAC #BCRealEstate #AMLCompliance