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Under Canadian law, Money Service Businesses (MSBs) and foreign Money Service Businesses (fMSBs) are required to conduct a comprehensive review of their compliance programs every two years. This "effectiveness review" or AML (Anti-Money Laundering) audit is not just a regulatory obligation—it's a vital health check for your business to detect and prevent money laundering and terrorist financing activities.
Navigating the complexities of AML regulation in Canada requires a vigilant and proactive approach. Our AML Audit service is designed to ensure that your compliance program is robust and effective. The review will help you adhere to laws related to terrorist activity financing and sanctions evasion.
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Registration Timeline
At this stage, we need your assistance in gathering essential documents, compliance policies and procedures, and data related to your AML program. This stage is about bringing together everything that shapes your AML program so that we can customize our approach based on your unique situation.
Our Fintech team will examine your AML program and identify any deviations from industry best practices, pinpointing specific areas where your AML program may be falling short.
During the preliminary assessment, our internal auditors may discover issues that necessitate further analysis. As a result, we may request additional documents from you to better understand your compliance systems.
Depending on the results of the previous steps, we may request an interview or on-site visit. The purpose of this step is to assess the competency and AML knowledge of key staff involved in AML functions. It might involve us dropping by, virtually or in-person, to have a friendly chat with you and your team about how you operate your business.
The Fintech team may also ask your staff questions about their compliance training program and plan. This can help us better understand how your business is taking steps to avoid crimes such as money laundering and terrorist financing.
At this stage, we will provide you with a tailored and detailed summary of findings with actionable insights on how to improve the AML function of your business to meet industry best practices.
We may require the availability of your Compliance Officer and key personnel for follow-up queries
Detailed report summarizing our findings: We don’t just uncover issues; we provide actionable insights to enhance your AML program. Our report will include a detailed assessment and recommendations for tangible improvement.
Meeting & next steps: We will schedule a meeting to review the report together and discuss any questions or concerns. We can also discuss how we can implement the changes we’ve suggested in our AML audit. From here, we can also provide ongoing monitoring or compliance advice from an experienced auditor based on your unique needs through our Fractional AML service.