Compliance Reviews – Enhanced Due Diligence of Alternative Financial Services Providers
Alternative Financial Service Providers (“AFSPs”, also known as Non-Bank Financial Institutions, or “NBFIs”) include vendors of stored value, mobile payment companies, money services businesses, internet-based payment companies, foreign exchange businesses, ATM businesses, and payday loan companies. AFSPs play an important role in the Canadian economy, particularly considering the volume of its worker remittances. To operate, each AFSP requires access to the payment services offered by financial institutions. Although AFSPs present opportunities for growth, they are perceived as posing an enhanced money laundering risk. AML legislation and regulator guidance requires the mitigation of that risk, which can generally be reduced to an acceptable level with appropriate controls. An effective and objective control is a regular independent AML compliance review of the AFSPs compliance framework and operations.
Williams McGuire understands the business and money laundering risks facing AFSPs and their financial services providers. Our compliance effectiveness review program was designed by two of our senior team members, who are Chartered Accountants with specialized training in money laundering risk and control evaluations. The reports we prepare to set out our process and findings follow the standards for Investigative and Forensic Accountants, and are relied on by CAMLOs, directors, regulators, scheduled banks and other financial institutions across Canada.
Williams McGuire offers periodic reviews (semi-annually, annually), and continuous reviews with monthly reporting through the analysis of regular transaction uploads by the AFSP. Williams McGuire is the provider of independent compliance reviews for AFSPs for Laurentian Bank in connection with Clay-Mark, a BankNews.TV company.
Contact us to request an initial consultation about an independent compliance review or to refer an existing or prospective AFSP client for a compliance review.
Alternative Financial Service Providers (“AFSPs”, also known as Non-Bank Financial Institutions, or “NBFIs”) include vendors of stored value, mobile payment companies, money services businesses, internet-based payment companies, foreign exchange businesses, ATM businesses, and payday loan companies. AFSPs play an important role in the Canadian economy, particularly considering the volume of its worker remittances. To operate, each AFSP requires access to the payment services offered by financial institutions. Although AFSPs present opportunities for growth, they are perceived as posing an enhanced money laundering risk. AML legislation and regulator guidance requires the mitigation of that risk, which can generally be reduced to an acceptable level with appropriate controls. An effective and objective control is a regular independent AML compliance review of the AFSPs compliance framework and operations.
Williams McGuire understands the business and money laundering risks facing AFSPs and their financial services providers. Our compliance effectiveness review program was designed by two of our senior team members, who are Chartered Accountants with specialized training in money laundering risk and control evaluations. The reports we prepare to set out our process and findings follow the standards for Investigative and Forensic Accountants, and are relied on by CAMLOs, directors, regulators, scheduled banks and other financial institutions across Canada.
Williams McGuire offers periodic reviews (semi-annually, annually), and continuous reviews with monthly reporting through the analysis of regular transaction uploads by the AFSP. Williams McGuire is the provider of independent compliance reviews for AFSPs for Laurentian Bank in connection with Clay-Mark, a BankNews.TV company.
Contact us to request an initial consultation about an independent compliance review or to refer an existing or prospective AFSP client for a compliance review.