The AML Shop’s outsourcing practice is alleviating the worries and workload of AML professionals in light of FINTRAC’s announcement that there is no excuse for not meeting compliance regulations during COVID-19. They’ve made it clear that it’s business as usual. We say it’s anything but.
Some outsourced clients have already reached out for additional support because they are either short-staffed or find themselves needing a hand in meeting their AML compliance duties. The AML Shop realized that there could be more businesses out there needing this exact type of help.
Coupled with the news that The AML Shop is seeing a massive increase in COVID-19 related fraud, it has created the perfect storm of a major workload increase and not enough staff or expertise to get it all done.
It’s unfortunate that people are profiting through crime during a time of such uncertainty, while taking advantage of people’s vulnerabilities and trust. Fraudsters sense that the spotlight is shining on other issues so as the saying goes, while the cat’s away the mice will play.
Matt McGuire recently participated in a podcast series called Captivated Audience, which is so timely and enlightening on how COVID-19 is affecting AML businesses in Canada. You can listen to the 13-minute recording by clicking the link here.
Matt shares his ideas on FINTRAC’s recent position and offers great tips on how to think beyond today in terms of what financial crime professionals should be planning for when this settles down. Here’s a hint: plan on asking for a bigger budget and overhaul your own compliance programs so you are ultra-prepared next time or as COVID-19 continues to affect our business for years, as some are predicting.
He also suggests ways to have staff optimizing their time working from home such as online classes. And a big silver lining: some people are saving anywhere from two to five hours per day in commuting time which offers a better life balance and maximizes work output in a more efficient way. You will love this candid, funny and valuable podcast!
Matt says, “We only want the very best for our clients and their colleagues. Know that we are ready to help you with our established outsourced practice dedicated to remotely supporting compliance teams”. The AML Shop provides outsourced support to companies across the country including credit unions, money service businesses and payments service providers, securities dealers and fintechs. If you find yourself treading in deep waters, or want to have a backup plan, (or business continuity plan), in place should things change in your organization, we’re happy to help.
Reach out and we’ll work together to meet your specific and likely, changing needs in a time where little is certain. Please email: info@theamlshop.ca or call us at 1-877-701-0555.
About The AML Shop
Our team of veteran compliance advisors share our goals to help clients manage their risks, maximize their opportunities and achieve and maintain compliance. We provide: expert advice; support with regulatory exams; development and reviews of financial crime compliance and risk management programs; assistance with the validation of AML technology; and the management or staffing of your compliance functions and compliance teams. We serve clients across Canada in every regulated sector and in emerging industries with a specialty in FinTech and Cryptocurrency.