The AML Shop is proud to sponsor the Networking Event at this year’s CMSBA Spring Training!

Join leading MSB and AML experts at this not to miss event.

Join Adam Feldman on Wednesday May 29th at the CMSBA Spring Training event for a session on “Annual Risk Assessment & Setting the Right Risk Appetite”.

Join Marcelle Dadoun on May 29th at the CMSBA Spring Training conference for an informative session on EFT Reporting. This must-attend session will provide a recap and update on all things EFT Reporting.

Ready to dive deep into the world of EFT reporting? Marcelle Dadoun CAMS, CAMS-Risk Management, CBP from The AML Shop is here to lead the way in this exclusive webinar. Hosted by Joseph Iuso, Executive Director of the Canadian MSB Association, you won't want to miss this insightful session. Join us online on May 2, 2024, from 1 pm to 3 pm. Secure your spot today!

This training session is designed to provide participants with comprehensive knowledge and practical skills for accurate and efficient reporting of Electronic Funds Transfer (EFT) transactions. Attendees will learn about the regulatory requirements, reporting standards, and the latest best practices in EFT documentation.It also covers key topics such as understanding EFT types, recognizing and preparing for compliance checks, navigating the EFT reporting system, identifying and reporting suspicious activities, and troubleshooting common reporting issues. By the end of the training, participants will be equipped with the necessary tools to ensure their EFT reports are precise, timely, and compliant with financial regulations.

Join Adam Feldman from The AML Shop at an upcoming webinar hosted by Fintracker on March 6th at 2pm EST. This webinar is all about the updated CREA forms and how automation tools can help streamline the process. 

 Key Topics Include:
- Revisions to the client risk section of CREA's information record templates to assist members in ascertaining their client's risk of money laundering and terrorist financing.
- A revised receipt of funds template to make it clearer that information on the person providing the funds needs to be recorded.
- An updated risk assessment form that's intended to assist brokers, step-by-step, in determining their brokerage's risk of money laundering and terrorist financing. 

 Don't miss this valuable session!

On January 24th at 1pm ET join industry experts Marcelle Dadoun (Principal, Program Design and Special Advisory The AML Shop), Jackie Shinfield (Partner, Blakes) and newly added speaker, Phil Moran (Managing Director, Lexington Innovations) for this must-attend webinar on all things about the upcoming changes to the Retail Payments Activities act.

Register your attendance and submit your questions in advance here.

Note, there are two webinar times on this date.
French Webinar at 11am ET and English Webinar at 1pm ET.

via the Bank of Canada:

Get up to speed on important developments in the digital payments business!

You're invited to join a webinar on December 13, 2023, to learn about the registration requirements under the Retail Payment Activities Act (RPAA) and what will be expected of payment service providers.

To continue providing their services, payment service providers (PSPs) will be required to register with the Bank of Canada under the RPAA when the regulations come into force in November 2024. Now is the time to prepare and to make sure you understand how to meet the requirements.

In this webinar, attendees will learn who needs to register with the Bank, how to apply for registration, and when. A Q&A session will follow the presentation.

This webinar will be held in French at 11:00 ET and in English at 13:00 ET.

This session is intended for payment industry professionals. Please feel free to share this invitation with interested colleagues

Join Matt McGuire (Principal and Practice Leader, The AML Shop) at the 2023 ACFI Fraud Conference on October 2nd for a session titled Canada's Updated Views on Money Laundering Threats, and New Approaches to Neutralize Them.

How can Banks and Fintechs work together?

As technology evolves and the popularity of Fintechs increase, we must consider how traditional Financial Institutions and Fintechs can collaborate as partners. 

Join us on September 26th at 1pm ET for a webinar titled “Successful Bank and Fintech Relationships” moderated by Matthew McGuire (Principal and Practice Leader, The AML shop) and featuring panelists Marcelle Dadoun (Principal, Program Design and Special Advisory, The AML Shop) and Buffy Duke (Principal Consultant, DecAid Consulting). In this webinar we will discuss the most important considerations when endeavoring to create synergy between Financial Institutions and Fintechs.

Topics include:

• Potential partnership models, objectives and selection criteria

• The differences between Financial Institutions and Fintechs

• Risk Management for Financial Institutions

• How Financial Institutions and Fintechs can align on critical terms

• Compliance Considerations

• Partnership governance and success factors

Authorized Push Payment Fraud (APP) is becoming an increasing concern to remitting banks and other financial service providers including, credit unions, MSBs, PSPs, cryptocurrency companies, credit unions, banks and securities dealers. When your clients are being duped by fraudsters and funds are transferred successfully, are you liable from a duty of care perspective?

 Join Matt McGuire (The AML Shop Practice Leader) and Marc Lemieux (Financial Services Lawyer, Lemieux Law Firm) for a webinar session that will help answer difficult questions and illuminate key topics surrounding APP and duty of care.  This webinar will highlight the following important topics:

• The definition and scope of APP

• Duties of care of remitting banks and other service providers in the presence of indicators of APP fraud

• The question of can remitting banks and other service providers shield themselves from liability with a well-drafted exclusion clause?

• How compliance programs can appropriately manage APP fraud risk

• A discussion on the industry-funded APP fraud indemnity program in the UK

On March 25th, Matt McGuire will join the Fighting Crime with Big Data Conference as a guest speaker leading a discussion titled What Smaller Entities Can Do to Counter Money Laundering and Human Trafficking.

This conference is being organized by the University of Toronto Institute for Management & Innovation’s BIGDataAIHUB in conjunction with Scotiabank. Global experts will be discussing the ways in which big data and artificial intelligence are being used to fight money laundering and more specifically human trafficking.

Location:

University of Toronto Mississauga, Innovation Complex 3359 Mississauga Road Mississauga, ON L5L 1C6

Webinar Alert!

Big news – Draft Regulatory amendments for 2023 under the PCMLTFA have been announced.

The AML Shop, your expert AML service team, will be presenting a webinar on March 22nd to discuss the draft amendments under the PCMLTFA and how regulated entities will be impacted.  Topics include:

 - FINTRAC & Admin Expenses of PCMLTFA against reporting entities

- AML/ATF obligations on mortgage lenders and the armoured car sector

- Correspondent banking Due Diligence and Ongoing Monitoring 

- Cross border currency reporting penalties

- Streamlining of documents sent for Administrative Monetary Penalties to reporting entities

- Money Service Businesses enhanced registration framework

- Technical amendments 

This webinar will be led by a team of industry and AML experts and will provide vital learnings on these amendments. Register today to secure your spot.

Due to recent regulatory changes, your Payment Services business may now be considered a Money Service Business under the PCMLTFA. Join us on March 1st to discuss everything related to Payment Services from 1pm-3pm EST.

This webinar will be moderated by Michelle Beyo (FINAVATOR and OFNC Interim President) and will feature a panel of industry experts to discuss everything from how to identify if your business needs to comply with the new regulations, how to register with FINTRAC and the positives and challenges of these new changes.

This webinar is not to be missed!

Many Regulated Entities, including MSBs, still struggle to define what a is “reasonable priority” for filing STRs and how it should be translated into its overall AML Compliance Regime.

On February 24, 2023, from 1:00 PM to 3:00 PM  the CMSBA is hosting an event on What as soon as "practicable" mean to you when filing STRs and how to apply it in an AML Compliance Regime.

Join this important discussion with The AML Shop’s Marcelle Dadoun and other industry experts including Rodney McInnes (Outlier), Dwayne King (Grant Thornton), and Joseph Iuso (Bitbuy) 

Join Adam Feldman (The AML Shop) and Ryan DeLuca (25th Hour Regulatory Consulting) for this important webinar on February 2nd, 2023.

On October 5th, Matt McGuire (The AML Shop Practice Leader) will present with Lincoln Caylor (Bennett Jones) at ACFCS’s Western Chapter launch event. This event will run from 6:00pm-9:00pm Mountain Time (8:00-11:00pm ET).

At the ACFCS Western Chapter launch, event attendees will be introduced to the board and to the ACFCS certification/program. The event will be a hybrid event taking place in Calgary, Alberta Canada. There will be refreshments and catered light bites during the one-hour network session for in person attendees.

The speakers will be speaking about relevant financial crime topics such as the highly publicized Cullen Report, money laundering trends, corruption, and the dark web. The speakers are business professionals and experts from within the financial crime space.

In this event you will learn:

• Investigations and Regulations

• Investigations of the Dark Web

• Bribery & Corruption

• The Cullen Report

• Human Trafficking

• Tax Evasion

Join The AML Shop’s Matt McGuire (Practice Leader and Co-founder) at the ACFI 24th Annual Fraud conference for a session titled “The Effectiveness of Emergencies Act Measures Involving Financial Services Cessation and Seizure”.

Building on anti-money laundering controls, the government used the Emergencies Act to enable deputized financial services companies to freeze financial access and assets of Covid protesters in Ottawa.   The measures modeled after terrorist financing laws did not involve screening against official lists, but rather a description of a “Designated Person” which necessitated financial services companies to distinguish between illegal and legal protesters, and to rely on press clippings and government agency tip-offs.   This session is a debrief on the practical application of those measures and implications to the future of anti-money laundering controls

As part of the Practice Management & Tax Conference hosted by CPA Ontario, join Matt McGuire (The AML Shop, Practice Leader) for a virtual session titled Anti-Money Laundering for Practitioners.

This session will highlight how money launderers exploit the knowledge and training of accountants to clean the proceeds of their crimes. Accountants have a role in detecting, deterring and reporting money laundering to keep our communities safe.

This session will consider:

• Money laundering case studies where accountants were unwittingly exploited

• Obligations of accountants in anti-money laundering measures

• Methods and resources to protect your practice and reputation from money laundering

SESSION: “ABC’s of KYC and Why You Should Care”

Date: Wednesday, September 21, 2022
(CPB Canada IGNITE 2022 Conference)
Session Time: 10:30AM - 11:30AM

Join The AML Shop’s Matt McGuire (Practice Leader and Co-founder) at the CPB Canada IGNITE 2022 Conference for an informative session titled  “ABC’s of KYC and Why You Should Care”.  As Telpay’s guest speaker, Matt will examine how accountants and bookkeepers are increasingly being relied upon to play a role in the fight against money laundering and terrorist financing.

As a result of FINTRAC's latest anti-money laundering and anti-terrorist financing (AML/ATF) guidance and the Cullen Commission findings, knowing your clients (KYC) is more critical than ever for accountants and bookkeepers, especially if they conduct or advise on financial transactions for their clients. 

Matt will be covering the following:

• How accountants and bookkeepers are exploited to launder money
  (wittingly and not)

• How do you know if you have FINTRAC responsibilities?

• What is KYC, why is it important, and when does it happen?

• Where does KYC fit in AML/ATF?

• Core KYC methods

• Why and how KYC measures vary with risk (including the client's industry)

• Red flags of money laundering and what to do when you encounter them

• Risks to you and your financial services provider if you fail at AML/ATF

By complying with FINTRAC's Know Your Clients (AML/ATF) regulations, money service businesses such as Telpay demonstrate their commitment to protecting the Canadian economy and helping Canada fulfill its global requirements.

For more information on this event or to register, please use the following button.

THIS IS A FREE EVENT!

On April 27, 2022, new regulations were introduced by the Department of Finance enacting requirements specifically targeted towards Payment Services Providers (PSPs) and crowdfunding platforms. FINTRAC has recently sent a follow-up notice on July 21, 2022, related to the fact that there is an expectation that ALL PSPs, with very few exceptions, register with FINTRAC. The notice can be found here: link

The intent of FINTRAC’s notice is to most likely capture entities that would be covered under the changes coming as part of the new Retail Payments Activity Act. With the rescinding of PI-7760 by FINTRAC, most entities providing third-party payments services must immediately register with FINTRAC.

In this session, industry experts including The AML Shop’s Marcelle Dadoun (AML Advisor) have been brought together to provide information:

• Where did this come from and why now?

• What does it mean to PSPs and the associated definition?

• Consequences of not registering.

• Scope of responsibility

• Suggested Steps to take

• What does it mean to MSB/FMSB who are servicing PSPs or being serviced by PSP?

Following the presentation, there will be a short Q&A/Panel to answer any questions you may have!

Join us on Aug 25/22 from 1-3 pm ET!

Presenters:

• Marc Lemieux - Lead counsel at Lemieux Business Law

• Amber Scott - Founder & CEO - Outlier Solutions Inc.

• Peter Morcos - Founder & Practice Leader - Reliance Compliance Solutions Inc. (RCS)

• Duane Tough - Founder - Tough Money Group Ltd.

• Susan Han - Partner - WeirFoulds LLP

• Joseph Iuso - Executive Director - CMSBA

• Marcelle Dadoun - AML advisor- The AML shop

Join The AML Shop (in partnership with ACAMS) on June 2nd in Toronto for an in-person CAMS prep course training session, led by AML industry experts, including Gene DiMira (Chief Identity Officer at The AML Shop and ACAMS Faculty Member). Don’t miss your opportunity to get CAMS certified while learning from best-in-class anti money laundering professionals. 

Location: Toronto at Telsec Business Centres, at 18 King Street East, Toronto, Ontario,  M5C 1C4.

Spaces are limited. Register today!

Join Matt McGuire (The AML Shop Practice Leader) and Gene DiMira (The AML Shop Chief Identity Officer) at the IIAC Anti-Money Laundering and Financial Crimes Conference in Toronto where Canada’s leading AML and financial crime experts will address what you would like to know about issues such as:

–             Digital Identification Methods and Testing

–             The Role of Artificial Intelligence in Combating Money Laundering and Financial Crimes

–             Managing AML and Financial Crime Risk in a Virtual Currency World

–             Keynote – Open Banking and its Impact for AML Compliance

–             International Money Laundering Trends

–             AML Audits – Expectations, Trends and Results

–             AML and Financial Crimes Management – How to Prepare for Future Changes

Join The AML Shop Practice Leader Matthew McGuire at the 2022 Canadian Blockchain Consortium’s Alberta Technology Symposium for a panel titled Securities, NFTs and the Changing Regulatory Landscape.

The NFT boom of early 2021 created momentum around blockchain tokens as a powerful way to commoditize assets like art and intellectual property, but the technology’s lightening fast evolution means that NFTs are caught in a regulatory grey area that needs clarity. Consumer and investor protection requires building strong legal and governance policies around token issuances to avoid replicating the disastrous ICO bubble of 2018. The Canadian Blockchain Consortium is joined by industry members and legal experts to shed light on some of the critical issues raised by NFTs and discuss a path forward on market regulation.

Join The AML Shop’s Chief Identity Officer Eugene DiMira for a session titled: Innovation for the Consumer: Consent Management and Digital ID.

Session Details:

Open Banking has the opportunity to help strengthen relationships between organizations and their customers through enhanced trust, speed, convenience, control and consent.

Discussion topics include:

• Who has consumer data?

• What does the current consent management process look like?

• Consumers need to know what data has, can or will be shared?

• How is the data being used?

• Need for a standardized process for providing and revoking consent

• The importance of collaboration in building an ecosystem approach to digital identity and securing the “lifecycle of credentials.”

• Addressing the growing demand for authentication and authorization

• Strengthening relationships between organizations and their customers through enhanced trust, speed, convenience, control and consent.

• The need for strong security protocols to protect personal information from being identified, accessed or misused.

• Current use cases of Digital ID

  • Benefits Opportunities

  • Current Status in Canada (BC, Alberta Ontario)

Speaker List:

Eugene DiMira (Chief Identity Officer, The AML Shop)

Neil Butters (AVP, Digital ID and Innovation, Interac Corp)

Doug Woolridge (Vice President, Business Consulting, EPAM

On February 10th, 2022, at 2:00pm EST, The AML shop in partnership with industry Cybersecurity experts Valencia Risk, will deliver an awareness session on ransomware breach response and readiness. 

 Valencia Managing Director and 25-year cybersecurity expert Aron Feuer will be joined by Richard McDonald, former CIO of CSIS and CSE, and Matt McGuire, Practice Leader of The AML Shop.

 Webinar Description:

 When an attack hits, executives must act quickly. Data shows that in the case of a ransomware breach, Canadian organizations are coming in cold, navigating uncharted waters with untested tools and playbooks. This session will describe the importance of being prepared for an attack through sharing the experience of a ransomware outbreak - from initial breach to recovery. 

 Attendees will learn:

• What to expect from their cyber-insurance provider, MSSP, and tech partners

• When to act fast, and how to make informed decisions during a breach

• What to consider and common steps involved in paying ransoms (and trying to recover them)

• How to interact with prudential, privacy and law enforcement/money laundering authorities throughout the incident

• Steps to take when a client of your financial institution or crypto exchange seeks to pay a ransom

• What to measure for Cybersecurity health

• Why a cybersecurity audit or assessment isn’t the best tool

• Protecting yourself when you work from home

• Recovering from a breach post-incident

Register now here. Spots are limited.

About Aron Feuer, Managing Director of Valencia IIP

Aron is the managing director of cybersecurity at Valencia. Before Valencia Aron founded Cygnos IT Security as head hacker, and sold the firm to Grant Thornton in 2015. Valencia IIP specializes in cybersecurity, privacy, and cloud. Aron’s work is with the federal government, cities, provinces, fortune firms, national retailers. He’s responded to hacks by Anonymous, lead classified security projects for the government, and run hundreds of penetration tests, risk assessments, simulations and security incident responses. His certifications include CISSP, CISA, CRISC, CRMA, CDPSE and CIPP/C, MCSE

About Matt McGuire, Practice Leader at The AML Shop

Matt is the Co-Founder and Practice Leader of the AML shop. He is an internationally recognized expert in anti-money laundering (AML) and counter-terrorist financing (CTF). He has been assisting financial institutions to assess and reduce financial crime and related regulatory risks for fifteen years. He has served as an advisor to the UN as well as Canadian and foreign governments on development of their laws and financial intelligence functions.

Matthew has been qualified by the Ontario Superior Court of Justice as an expert witness in forensic accounting and money laundering (ML), prepared expert reports in respect of money laundering and frauds related to cryptocurrency, lawyers, financial institutions and in respect of immigration cases, and has twice testified before the Cullen Commission, Senate committees, twice before a House of Commons Parliamentary Committee (ML/TF).  His certifications include FCPA, FCC, CFF, CAMS, AMLP, and CCI.