Anti-money Laundering
As global markets and financial systems become more sophisticated, the need for robust regulations and strong compliance to safeguard institutions against money laundering continues to grow.
Overview
We provide a comprehensive range of advisory services to help clients navigate stringent and fast-changing anti-money laundering (AML) and anti-terrorist financing (ATF) laws, as well as economic sanctions legislation and related obligations. Our multidisciplinary AML team regularly advises clients on all aspects of Canadian and U.S. AML and ATF legislation and other regulatory matters, and assists clients in internal and regulatory investigations and reviews.
Primary Contacts
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Areas of Service
- Compliance with legislationWe regularly assist reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), such as domestic and foreign banks, insurance companies, trust companies, securities dealers, investment advisers and fintech firms, in their compliance obligations related to financial services, products and transactions, including compliance with the PCMLTFA, the Criminal Code, and economic sanctions legislation.
- AML risk mitigationWe work with clients on AML and ATF risk identification, management and mitigation measures, and advise on their dealings with clients that might give rise to AML risks, including Know Your Client (KYC) obligations and the monitoring and reporting of suspicious transactions.
- Expanding categories of reporting entitiesWe advise clients on the application of the PCMLTFA to their business and products, including registration for money services businesses under the PCMLTFA, as well as associated compliance obligations for MSBs and their services under the PCMLTFA.
- Dealing with regulatorsWe represent clients in administrative proceedings before FINTRAC, from preparing for FINTRAC reviews to contesting the imposition of penalties under PCMLTFA and its regulations and appeals from FINTRAC decisions. We also make submissions to regulatory authorities concerning relevant legislation, including representing industry groups.
- Non-reporting entitiesWe advise clients that are non-reporting entities under the PCMLTFA on minimizing the risks of contravening Criminal Code proceeds of crime provisions, including issues arising from foreign jurisdictions that involve Canadians. We are frequently involved in the preparation of AML, ATF and sanctions compliance policies for such entities.
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