Tue, Nov 26
|Toronto
Finding Canada's Secret Sauce in its Fight Against Financial Crime
Exclusive Event – in person event (by invitation)
Time & Location
Nov 26, 2024, 3:45 p.m. – 7:30 p.m.
Toronto, 18 Wellington St W, Toronto, ON M5L 1G4, Canada
About the event
Exclusive Event for Members Only
Agenda:
3:45pm – Arrival
A new AML/ATF Regime – What’s next?
4-4:45pm
Since June 2023, The Department of Finance and FINTRAC have been engaged in a public consultation to strengthen Canada’s AML/ATF regime leading to a number of new amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) as well as the Criminal Code. The amendments are intended to improve transparency as well place greater penalties on offending parties. These changes broaden the due-diligence obligations of certain entities and the scope of information available to law enforcement.
In this session we will bring leaders from across Canadian AML compliance ecosystem to:
·Share their views on what these changes may mean for Canada’s fight against financial crime
Examine how these changes will impact how financial institutions oversee banking activities
Discuss opportunities to improve information sharing and visibility
Managing AML Risks in a Dynamic Financial System
4:45-5:30pm
Over the last decade Canadian Banks have spent millions introducing new technology and strengthening compliance practices, yet obstacles remain. Criminals continue to find intricate strategies to infiltrate the Canadian financial system. Estimates of so-called ‘snow washing’ suggest that $45billion to $113billion of dirty money is laundered in Canada each year. Recent FINTRA fines and undisclosed fines amongst tier one banks shows gaps in risk controls. In this session we’ll discuss:
Old and new strategies being used by financial criminals.
Ongoing monitoring techniques – and the next evolution of AML technology
The role of the risk assessment and ideal framework when risks are continually evolving.
Collaborative opportunities across industry or sector.
5:30pm – 7:30pm – Networking