September 11, 2015
The Canadian government released a report in July 2015 laying out the most significant risks of money laundering and terrorist financing within Canada. As reported in a PaymentsCompliance article, the report has stirred debate from legal experts on its value as a comprehensive, accurate and actionable resource. Torys’ counsel and payments compliance expert Peter Aziz was sought by the publication for his comments on the risk assessment report. Below is an excerpt of the article.
Payments expert Peter Aziz, a counsel at Torys law firm in Toronto, said that although it did not offer any ground-breaking revelations, reporting entities should take note of the various illegal activities categorized by threat ratings.
He told PaymentsCompliance: “The report points out typical activities such as illicit drug trafficking; however, others that are not normally thought of as major risk, such as mortgage fraud, rank surprisingly high."
He said reporting entities in the payments industry must become aware of the new risks that are growing in prominence when updating their policies and procedures.
“We can expect the report’s principles to be reflected in upcoming guidance updates from the Financial Transactions and Reports Analysis Centre of Canada and the Office of the Superintendent of Financial Institutions, as risk assessment and mitigation measures are likely to remain the focus of reviews on individual businesses,” Aziz added.
To read the full article, click here.