MNP LLP Anti-Money Laundering Compliance Blog

Category Archives: AML Compliance

Articles related to Anti-Money Laundering Compliance in Canada

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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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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What happens on June 24th?

By Matthew McGuire | July 12th, 2010
Some of our clients have been asking us about the significance of June 24, 2010 to AML/CTF compliance.  While this date is not specifically mentioned in an legislation, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) came into force on June 23rd, 2008.  There are several provisions in the PCMLTFA and the [...]
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OSFI 2010 AML Information Session for Federally Regulated Financial Institutions

By Matthew McGuire | April 28th, 2010
By Amber Scott About the Session Every year the Office of the Superintendent of Financial Institutions (OSFI) hosts an anti-money laundering (AML) and anti-terrorist financing (ATF) information session for Federally Regulated Financial Institutions (FRFIs).  OSFI conducts evaluations of FRFI compliance against its expectations for AML compliance as part of its role as a prudential regulator [...]
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List of FINTRAC Penalties Added to WM-AML Website

By Matthew McGuire | February 1st, 2010
For ease of reference, WM-AML has added a page to its website which lists public FINTRAC enforcement actions.  Have a look at:   http://www.amlcompliance.ca/aml-compliance-obligations/fintrac-fines-and-penalties/.
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