Although Canadian financial institutions have collectively invested millions of dollars to shield themselves from bad actors, little evidence exists that their efforts are paying off, according to Milos Barutciski, a board member of Transparency International Canada.
The election last week of a new Canadian prime minister could translate into a tougher tack on money laundering, terrorist financing and other financial crimes, according to compliance professionals.
Canadian officials Monday previewed pending anti-money laundering rules for domestic officials and advised financial institutions to review customer accounts and prior transactions for links to world soccer's top governing body.
Canada's highest court will determine whether attorneys must retain client data for regulatory purposes and whether the nation's financial intelligence unit can retain and share such records following onsite searches.
Canada's financial watchdogs outlined their expectations and priorities Monday, clarifying a policy that previously gave banks a warning one month in advance of pending regulatory examinations.
Canada's top financial intelligence agency intends to work more closely with its counterparts abroad and investigators at home to identify money launderers, according to Gérald Cossette, the group's new director.
Canadian compliance officers at banks and non-bank institutions are bracing themselves for broad changes to their anti-money laundering obligations ahead of the country's next evaluation by an international watchdog group.
Proposed amendments to Canada's primary anti-money laundering law would require banks and other companies to apply new prescriptive compliance controls in place of the risk-based policies currently used, say industry experts.
Disclosures by Canada's financial regulator of suspected money laundering and other crimes have more than tripled in recent years even as the number of suspicious transaction reports filed annually by banks has fallen.
A plan by one of British Columbia's two casino regulators to improve anti-money laundering controls will do little to correct a conflict-of-interest in how the industry is overseen, say critics.
Canada's financial intelligence unit issued its largest monetary penalty to date in a week when U.S. bank regulators called on financial institutions to be more transparent in their cross-border transactions.
In the world of financial compliance, Canada "talks a good game" but does little to enforce counter-terrorism financing and anti-money laundering regulations, according to Chris Mathers, a Toronto-based consultant.
In its first annual report, Financial Transactions and Reports Analysis Centre of Canada trumpets data showing a strong response by financial institutions and other businesses to the countrys new suspicious transaction reporting requirement.
Canada's financial intelligence unit, FINTRAC, will soon allow financial institutions that send at least five "Suspicious Transaction Reports" per week to file them by "batch" starting November 30th.