Complinet’s Canadian clients include the top 5 domestic banks and securities firms.
C-25 Solutions
Meeting Canada’s AML Requirements with Complinet
For financial reporting firms located and operating in Canada, June 23rd is a much-anticipated date. For the last year, firms have been preparing for the implementation of Bill C-25, which amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Expanding the scope of the PCMLTFA, Bill C-25 calls for more stringent record-keeping, reporting and registration, PEFP identification and transaction monitoring activities applicable to the detection of money laundering and terrorist financing.
Over the past two years, Complinet has been taking steps to expand our services and content to help Canadian firms fulfill their PCMLTFA obligations. With the implementation date of Bill C-25 just around the corner, Complinet can assist firms with meeting the new requirements in a cost-effective and time-efficient manner. Included below are the services Complinet currently offers to help firms meet their expanded customer identification and due diligence obligations.
E-Learning: Canadian AML Course with C-25 Content
Complinet’s Canadian Anti-Money Laundering e-learning course provides comprehensive training in money laundering prevention for all staff within the financial services industry, and has recently been updated to include the new requirements of C-25. The course provides a detailed analysis of anti-money laundering obligations and uses real-life scenarios to illustrate the significance of the issue. It explores topics such as customer identification, regulatory requirements, reporting suspicious transactions, risk factors of terrorist financing and the impact of money laundering on the economy. Practical guidance is provided to learners to help them understand the role they play in combating money laundering.
All of Complinet’s e-learning courses are available with our learning management system, RecordKeeper, which provides an infrastructure for comprehensive management of training within an organization.
Sanctions, Enforcement and Watch List Screening with PEFP Checks
Screen against a database of over 1 million politically exposed foreign persons.
Under international and Canadian anti-money laundering regulation, politically exposed foreign persons (PEFPs) need to be identified and assessed to ensure that no proceeds of foreign corruption enter the world economic system. Industry, law and regulatory lists such as those published by the Office of Foreign Assets Control, HM Treasury, EU and Financial Crimes Enforcement Network identify restricted, sanctioned, prohibited and high-risk individuals and businesses. This includes known terrorists, money launderers, fraudsters, PEFPs and black-listed persons, entities and countries.
Complinet Global Screening consolidates multiple data sources into a single location. It checks against sanctions, law enforcement, regulatory enforcement, PEFP and other global lists for restricted, sanctioned, prohibited and high-risk parties. Global Screening is available in multiple deployment options: hosted, non-hosted (behind your firm’s firewall), and as datafeed.
Canadian News and Rules
Complinet covers two dozen rulebooks of Canadian SROs and Exchanges, Ontario Acts and Regulations, and the Ontario Exchange Commission.
Complinet’s Canadian news service encompasses the very latest developments affecting compliance and regulation relevant to commercial and wholesale banking, securities broker-dealing, commodities broker-dealing, investment banking and corporate finance industries in Canada. The service provides articles related to: parliamentary proceedings, federal and provincial regulation, agency action, including OSFI and FINTRAC, enforcement actions, industry and best practices. It includes exclusive analysis and commentary on regulatory reforms, anti-money laundering, data privacy and security, capital and risk and alternative investments. This essential content is dynamically linked to related rules to provide you with a seamless flow of news, reference, commentary and practical advice.
Complinet's rulebooks provide a connected database of Canada’s most comprehensive and current financial services regulation and legislation. Versioning technology provides one-click access to past, current and future versions of the rules, ensuring users have full access to the regulations impacting their operations.
Transaction Monitoring
Under the expanded PCMLTFA regulation, Canadian firms are tasked with reporting all suspicious transactions to FINTRAC. Complinet’s TransWatch solution uses sophisticated account profiling techniques and a high performance rules engine to quickly detect potentially suspicious behavior. Using customer historical information and account profiles, TransWatch identifies key behavioral changes and event patterns that may be indicative of money laundering and financial crime. Integrated investigation workflow allows you to inspect the resulting exceptions, right up to FINTRAC reporting and beyond. A full audit trail of all actions and events is automatically maintained by the system. Connecting all elements of detection, inspection and resolution, TransWatch actively protects the firm’s assets and its reputation.
