FINTRAC 2017

37607 stevegray757

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I hope its during a FINTRAC meeting because the transition to death would be so subtle.

FINTRAC 2017 What is new for 2017? Higher education standards Larger penalties Spending a bit of time over the next few months going over….. Whats new… Whats changed…. Bit of review… Higher compliance expectations

The federal anti-money laundering agency has levied a $1 The federal anti-money laundering agency has levied a $1.1-million penalty against an unnamed Canadian bank The fine was levied against the bank for failing to report: an attempted or actual suspicious transaction; receipt of $10,000 or more in a single transaction; an electronic funds transfer of $10,000 or more to a destination outside Canada; receipt from outside Canada of an electronic funds transfer of $10,000 or more. In addition, the bank was penalized for failing to apply written compliance policies and procedures that are kept up to date and approved by a senior officer. The fine was levied against the bank for failing to report: an attempted or actual suspicious transaction; receipt of $10,000 or more in a single transaction; an electronic funds transfer of $10,000 or more to a destination outside Canada; receipt from outside Canada of an electronic funds transfer of $10,000 or more. In addition, the bank was penalized for failing to apply written compliance policies and procedures that are kept up to date and approved by a senior officer. Example:

92,531 How many suspicious transaction reports filed in 2014-15? 2014-15 RESULTS: We are not alone! 31,000 businesses across the country must furnish Fintrac with reports How many suspicious transaction reports filed in 2014-15? 92,531

B https://www.polleverywhere.com/multiple_choice_polls/x6bpwqCfkouv5F7

C https://www.polleverywhere.com/multiple_choice_polls/KcrVSoa1cmEPIbh

A True https://www.polleverywhere.com/multiple_choice_polls/6NbP7MDyitj6aWr

True https://www.polleverywhere.com/multiple_choice_polls/9dCrTIpkEWtbAPH

WHAT IS MONEY LAUNDERING? According to the United Nations, money laundering is defined as “any act or attempted act to disguise the source of money or assets derived from criminal activity”. In short, it is a process to transform “dirty money” derived from crime, also referred to as the proceeds of crime, into “clean money” whereby it becomes difficult to identify its origin. The money laundering process is usually described as having three stages:

1. Placement Placing the proceeds of crime in the financial system. The money laundering process is continuous, with new dirty money constantly being introduced into the financial system.

2. Layering Transforming the dirty money into another form and creating complex layers of financial transactions to disguise the money trail and the source and ownership of funds. This stage may involve transactions such as the buying and selling of stocks, commodities, or property.

3. Integration Integrating the laundered proceeds back into the economy to create the perception of legitimacy.

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What is Terrorism ? “The main objective of terrorist activity is to intimidate a population or compel a government to do something. This is done by intentionally killing, seriously harming, or endangering an individual, or causing substantial property damage that is likely to seriously harm people. It can also be done by seriously interfering with or disrupting essential services, facilities, or systems.”

WHAT IS TERRORIST FINANCING? Terrorists need financial support to carry out terrorist activities and achieve their goals. In this respect, there is little difference between terrorists and other criminals in their use of the financial system.

B: The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)  https://www.polleverywhere.com/multiple_choice_polls/5ncF7gAl6HRPXUc

C Drugs https://www.polleverywhere.com/multiple_choice_polls/Zs85KlckUnZCeD1