MNP LLP Anti-Money Laundering Compliance Blog

Author Archives: Matthew McGuire

FINTRAC and DICO Drive for Compliance Examinations and Assessments

By Matthew McGuire | May 17th, 2012
Credit unions in Ontario have received two important notices from their regulators about AML compliance this month. The first was from the Deposit Insurance Corporation of Ontario (DICO) warning that credit unions that all credit unions and caisses populaires should urgently review their anti-money laundering programs to avoid fines and reputational penalties associated with non-compliance, [...]
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FATF updates International Anti-Money Laundering Standards – What you need to know

By Matthew McGuire | March 15th, 2012
No news is good news Given the upheaval of Canadian AML standards in Canada threatened by multiple consultations and a parliamentary review, reporting entities are eager to know the impact that international anti-money laundering standard changes might have on their operations. Those international standards are maintained by the Financial Action Task Force (FATF), and they [...]
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Risk or Reward: Serving Money Services Businesses

By Matthew McGuire | January 19th, 2012
Recently the Deposit Insurance Corporation of Ontario released an advisory which outlines the procedures they expect credit unions to follow when providing banking services to Money Services Businesses. We’ll summarize the risks and rewards of serving MSBs, the procedures DICO’s suggests, and outline the MSB screening and monitoring services. Read the full post here.
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The FINTRAC Exam Defenders Web Site Launched

By Matthew McGuire | January 16th, 2012
The stakes are high during a FINTRAC examination.  Deficiencies can lead to significant penalties, negative press, and soured business relationships.  The new site: FINTRACExamDefenders.ca provides resources to help companies understand the FINTRAC examination process, and direct them to professionals who specialize in protecting them from damage to their assets and reputation. Why this Resource Now? [...]
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Canada’s Largest Dedicated Anti-Money Laundering Firm to Merge with MNP

By Matthew McGuire | November 30th, 2011
Tuesday, November 15, 2011, Calgary, AB—Williams McGuire AML Inc. (WM-AML), Canada’s largest dedicated anti-money laundering (AML) firm is merging with MNP, one of Canada’s largest chartered accounting and business consulting firms, effective January 1, 2012. WM-AML’s mission is to protect their clients and country from the harms of money laundering, terrorist financing and other financial [...]
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