Print this package: Money laundering

In our 2008 Compliance roundup special report, we review a number of recently implemented initiatives that affect your practice, including money-laundering legislation introduced this summer.

If you’ve had a chance to peruse the package and you’re looking for an easy way to download the full report for future reference, click the links below to access it in PDF form, print it for your records or save it to your computer.

[Download the whole report] (PDF) [Download the LARGE PRINT version] (PDF)

If you haven’t had a chance to read the articles yet, here’s a preview:

Money-laundering legislation passed this summer adds a whole new layer of compliance-related items to consider when opening new accounts, handling large-sum transactions or dealing with certain people, those the Financial Transactions Reports Analysis Centre of Canada (FINTRAC) calls “politically involved foreign persons.”

Bill C-25, in effect since June 23, 2008, introduced significant regulatory revisions to Canada’s proceeds of crime (money laundering) and terrorist financing legislation. The changes give new powers to FINTRAC to share compliance information with domestic and international agencies, and to impose civil penalties — maximum penalties include five years in jail, $5 million in fines or both — for non-compliance with the new risk assessment and reporting requirements.

Moreover, advisors might need to ask for identification from clients, even those they’ve known for years.

Learn more:

Money laundering and coping with compliance

Revised anti-money-laundering regulations

New (anti) money-laundering rules (A template client letter)

From the archives:

Tainted funds (Advisor’s Edge, February 2003) Could some of your clients be using you to launder their money? Read more.

Eyes on you (Advisor’s Edge, July 2006) Your compliance officer is lurking, asking you tough questions and quadrupling your paperwork. Consider yourself lucky. Read more.

Also in Compliance roundup

• Hope for the regulated • Do not call (DNC) • Money laundering • Compliance matters • The compliance backstory • Links and resources

Back to Compliance roundup main page

Ignorance isn’t bliss (Advisor’s Edge, July 2007) It doesn’t take a hotshot advisor to know that if a client commits fraud, you’ll be in hot water. But what if you have no clue that a client is manipulating the market? Turns out you can still kiss your job goodbye. Read more.

Past money-laundering developments in the news:

Money-laundering laws create new KYC obligations for advisors (April 29, 2003)

IDA conference update: Offshore account ownership must be disclosed, IDA says (June 23, 2003)

Regulators approve IDA anti-money-laundering measures (May 17, 2004)

Reports of laundering on the rise (November 4, 2004)

New anti-money-laundering rules “onerous” for advisors, Advocis says (October 14, 2005)

Crime poses threat to reputation: OSFI (November 10, 2005)

Has regulation gone too far? (October 20, 2006)

Cleaner money-laundering rules (November 3, 2006)

Filed by Kate McCaffery, Advisor.ca. kate.mccaffery@advisor.rogers.com

(11/07/08)