MNP LLP Anti-Money Laundering Compliance Blog

Category Archives: Uncategorized

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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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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Department of Finance Consultation Paper – Proposed Amendments to PCMLTFR

By Matthew McGuire | November 9th, 2011
In a consultation paper released on November 7, 2011, the Department of Finance (“Finance Canada”) sought comments on proposed amendments to The Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR) on Ascertaining identity. The proposed changes are not final.  At this stage, we suggest that reporting entities should consider the potential impact, advise [...]
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India Mulling-Over Arming its AML Investigators

By Matthew McGuire | September 20th, 2011
The widespread intimidation by criminal organization leveled against AML investigators will be lightened, the Directorate of Income Tax feels, by sending out its accountants with iron on their hip.
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Are you an MSB with US clients?

By Matthew McGuire | September 15th, 2011
By Amber Scott New regulation announced by the Financial Crimes Enforcement Network of the United States Department of the Treasury (FinCEN) stipulates that foreign owned and operated money services businesses that are either operating in the US or have US based clients will need to meet US regulatory requirements that include: Registering with FinCEN as [...]
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