Torys assists domestic and foreign banks, insurance companies, trust companies, securities dealers, investment advisers, foreign exchange dealers and others that are subject to Canadian anti-money laundering and anti-terrorist financing legislation.
We provide education and training to in-house management and legal teams on Canadian anti-money laundering and anti-terrorist financing legislation and compliance, and advise on all aspects of this activity, including
- compliance obligations, policies, procedures and practices related to financial services, products and transactions, including compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, OSFI’s Guideline B-8, the Criminal Code, the UN Suppression of Terrorism Regulations and other sanctions legislation
- client identification, recordkeeping and reporting obligations
- monitoring and reporting of suspicious transactions
- risk identification, management and mitigation
- screening against terrorist lists and handling of false hits against terrorist lists
- preparing for and responding to compliance audits
- submissions to regulatory authorities concerning relevant legislation