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As outlined in the federal budget, Ottawa plans to increase permissible information sharing among financial institutions so that they can better detect and deter money laundering, terrorist financing and sanctions evasion. At present, financial institutions are restricted from warning each other about crooked clients who perpetrate a host of financial crimes. The only exception is fraud prevention. As a result, dirty money often freely flows from bank to bank even if some financial institutions detect illicit activity and shut down accounts. #aml #financialcrime #pcmltfa #privacy #pipeda #compliance #banks

On Nov. 30, 2024, the Government of Canada published draft amendments to regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the “PCMLTFA”). The proposed amendments are planned to come into force in two phases. Learn more in this article co-authored by Alana Scotchmer, Wendy Wagner, Robin McKechney and Hunter Fox: https://bit.ly/4iSUyMa #gwlgTO # antimoneylaundering #financialcrime

Changes are afoot for Australia’s laws for combatting money laundering and terrorism financing with real estate professionals and professional service providers set to be impacted from 1 July 2026. The finer details are yet to be resolved – Special Counsel John Bennett outlines the potential impact and why those set to be affected should have their say in the consultation process before the February 2025 deadline. Find out more: https://lnkd.in/gCaf5Fwr #moneylaundering #terroismfinance #realestate #professionalservices #auslaw #consultation #CommercialAdvice #ColemanGreig #YourFutureComesFirst

May 2, 2024—Ottawa—Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) FINTRAC announced today that it has imposed an administrative monetary penalty on The Toronto-Dominion Bank. Following a compliance examination in 2023, this bank in Toronto, Ontario, was imposed an administrative monetary penalty of $9,185,000 on April 9, 2024, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations. The Toronto-Dominion Bank was found to have committed the following administrative violations: Failure to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions were related to a money laundering or terrorist activity financing offence; Failure to assess and document money laundering/terrorist activity financing risks; Failure to take the prescribed special measures for high risk; Failure to conduct ongoing monitoring of business relationships; and Failure to keep record of the measures taken and information obtained when conducting ongoing monitoring of business relationships. This penalty was imposed for administrative violations committed by The Toronto-Dominion Bank under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations, and not for criminal offences for money laundering or terrorist activity financing. The administrative monetary penalty has been paid in full by The Toronto-Dominion Bank and proceedings have ended. Quote “Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC will continue to work with businesses to help them understand and comply with their obligations under the Act. We will also be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.” Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada #fintrac #msb #TDbank https://lnkd.in/ggDkY5-M

Competent authorities have made significant progress in their approaches to tackling money laundering and terrorist financing, the EBA Report finds https://lnkd.in/dMm6nm7q

Two Riigikogu committees are in favor of a proposal from Chancellor of Justice Ülle Madise which would loosen up the regulations governing the closing down of bank #accounts, in cases of suspected #money laundering. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #estonia #est #baltics #baltic #bank #banks

FinCEN is working on modernizing Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) programs. The new rulemaking aims to enhance the effectiveness of these programs to better protect our financial system. The comment period closes September 3, 2024, so don't miss this chance to have your say on these crucial changes! Christina Zaroulis Milnor and Joseph Holguin discuss the details and how to participate in the process below.

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (#FinCEN) has withdrawn its finding that ABLV Bank, AS is a financial institution of primary #money laundering concern, because the #bank no longer operates as a #depository institution. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #latvia #lv #us #usa #unitedstates

Have your say on HM Treasury's consultation: Improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The regulations place requirements onto a range of businesses to identify and prevent money laundering and terrorist financing. HM Treasury is keen to hear from a wide range of stakeholders including regulated businesses and their customers. #icaewRegulation

FinCEN is working on modernizing Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) programs. The new rulemaking aims to enhance the effectiveness of these programs to better protect our financial system. The comment period closes September 3, 2024, so don't miss this chance to have your say on these crucial changes! Christina Zaroulis Milnor and Joseph Holguin discuss the details and how to participate in the process below.