Embed Size (px)
DESCRIPTION
A clear, concise and functional compliance program relies on how a financial institution documents its anti-money laundering and anti-terrorist financing compliance program. It’s the first set of documents requested by a banking regulator or financial intelligence unit prior to examination. To ensure the compliance program meets expectations, professionals at ManchesterCF advise financial institutions on how to put its best foot forward and clearly demonstrate to employees their obligations and responsibilities.
Citation preview
ManchesterCF provides financial crime risk management training programs, advisory services and project management to financial institutions, financial intelligence units and public-sector agencies around the globe.
ManchesterCFSuite 501125-720 King Street WestToronto, Ontario Canada M5V [email protected]@ManchesterCF
ADVISORYCompliance Program Advisory Services
ManchesterCF Advisory 2014
The recently amended Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) imposes a number of regulatory obligations on financial institutions in Canada to mount an effective defence against money laundering and terrorist financing activity.
Some of these obligations include:
• Appointing a Chief Compliance Officer• Developing policies and procedures• Ascertaining identity• Third-party determination• Politically Exposed Foreign Persons• Reporting• Record keeping• Risk Assessment• Products, services and delivery channels• Geographic locations• Client and business relationships• Other relevant factors• Risk mitigation measures• AML Compliance Training Programs• Staff and agents• Compliance Program Review• Internal/external reviews
Do your firm’s AML compliance protocols meet these regulatory conditions?Failure to adhere to these requirements and implement and maintain an effective compliance program may lead to regulatory sanctions, monetary penalties and/or criminal charges.
ManchesterCF offers the following advisory services to financial institutions in Canada:
• Review of current compliance program• Conduct a detailed gap analysis• Provide a list of recommendations and
assistance in their implementation• On-going assessment of the compliance
program as required • Provide on-going policy interpretation
on existing PCMLTFA regulations• Updating the compliance program
with respect to future legislation and regulations
The principles of ‘Know Your Customer’ and ‘Customer Due Diligence’ are of critical importance to any compliance program. ManchesterCF will review these compliance program fundamentals to ensure their effectiveness.
Drawing upon a team of experts with proven experience in both the private and public sectors, ManchesterCF provides its client base with effective guidance in the spheres of anti-money laundering and counter-terrorist financing.
PCMLTFA Compliance Regime
