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Quiz answer: the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 apply to... Many thanks to everyone who voted! And congratulations! 100% correct answers this week. ANSWER All of the above Chapter 1 of the Regulations defines the scope of application and lists the persons to whom they apply. While it may be commonly thought that the list mostly covers different types of financial institutions, it also includes auditors, tax advisers, independent legal professionals, estate agents, cryptoasset exchange providers, casinos, art market participants and a few others.   The Regulations require those organisations and individuals to conduct a written assessment of money laundering and terrorist financing risks, implement necessary policies, controls and procedures and maintain adequate records of the transactions and customer due diligence procedures. #accastudents #accalw #lwquizanswer

🏧 FINTRAC Canada | CANAFE Canada (FINTRAC) recently issued a Sectoral and Geographic Advisory highlighting the money laundering and terrorist financing risks associated with virtual currency (VC) automated teller machines (ATMs). Here are the key points: 𝙈𝙤𝙣𝙚𝙮 𝙇𝙖𝙪𝙣𝙙𝙚𝙧𝙞𝙣𝙜 𝙍𝙞𝙨𝙠𝙨: Increasingly, VC ATMs are exploited to transfer illicit funds, hide criminal origins and convert funds into fiat currency. Suspicious transactions involving these ATMs are concentrated in major Canadian cities. 🏙 𝙍𝙚𝙜𝙪𝙡𝙖𝙩𝙞𝙤𝙣: Operators of VC ATMs are considered money services businesses and are required to be registered with FINTRAC. 💵 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 𝙈𝙚𝙖𝙨𝙪𝙧𝙚𝙨: VC ATM operators must implement compliance policies, including client identification, education, and ongoing monitoring. They are also required to report certain transactions, including suspicious transactions, to FINTRAC, which supports law enforcement investigations. 📊 Learn more about the risks of VC ATMs through the link below. 🔽 Gowling WLG | Adam Garetson | Alana Scotchmer

FINTRAC published a Sectoral and Geographic Advisory focused on the key money laundering and terrorist activity financing risks associated with virtual currency automated teller machines. This Sectoral and Geographic Advisory helps businesses, financial institutions and the public understand and recognize the characteristics of illicit activity involving virtual currency automated teller machines and the types of individuals and entities that may be involved. Learn more: https://lnkd.in/eeYGEjDU

For folks in the #bitcoin and virtual asset space, this is an important read. The indicators here should be reflected into your compliance program and related training. If you’re a crypto ATM service provider, this is something that you should be sharing with your staff and discussing. Of course, if you need a hand Outlier Compliance Group is here to help.

My weekend thoughts Dear AFC world, how are we doing in terms of doing our part in ensuring a FinCrime free world? Are we keeping our eyes on emerging trends? Remember, bad actors are always a step ahead…. Pulling an interview from memory lane that had my few thoughts….. https://lnkd.in/dznPrezh #weekendthoughts #AFCprofessionals #AhsanHabib #emergingtrends #AMLtypologies #humantrafficking #countermoneylaundering #cryptoassets #terroristresourcing

How can #banks and #merchants use #paymentsintelligence to stop fraud in real time while mitigating bias? Read ACI’s section in the Paladin report to learn about the power of sophisticated #artificialintelligence models to reduce costs and reputational risks. https://aciw.co/45be1Rw

Know the risks of virtual currency ATM use in Canada. I'm very pleased to share new insights from our Strategic Intelligence team. This sectoral and geographic advisory is designed to help businesses, financial institutions and the public understand and recognize the characteristics of illicit activity involving virtual currency automated teller machines and the types of individuals and entities that may be involved. In particular, suspicious transactions involving virtual currency automated teller machines are concentrated in the following hotspots, noteworthy even accounting for population size: the Greater Toronto Area, the Greater Montréal Area, and Metro Vancouver as well as Edmonton, Calgary, Winnipeg, Nelson, Abbotsford, Victoria, Ottawa, and Hamilton. 

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued a special advisory on “The role of virtual currency automated teller machines (ATMs) in laundering the proceeds of crime.” This advisory aims to help businesses, financial institutions, and the public understand the risks associated with virtual currency ATMs. It also provides insights into money laundering and terrorist financing risks related to these virtual currency automated teller machines (ATMs) machines and emphasizes the need for compliance measures by operators to identify and report suspicious transactions. #AML #Crypto

The article outlines the growing role of virtual currency automated teller machines (ATMs) in facilitating illicit activities such as money laundering and terrorist financing. It discusses how criminals exploit these ATMs to convert fiat currency into virtual currency, concealing the origin of funds through various techniques. Additionally, it provides red flags for detecting suspicious transactions and offers advice for consumers to protect themselves from fraudulent schemes associated with virtual currency ATMs, emphasizing the importance of reporting any irregular activities to financial institutions or authorities.

What a great day one yesterday at the American Bankers Association #ABAAnnual 🎉 It was an exciting day for Nasdaq, with our Chair and CEO Adena Friedman kicking off the day by speaking with Rob Nichols about issues facing banks today. 📣 We announced our Premier Partnership with ABA, so that members will have the opportunity to benefit from Nasdaq's leading solutions, including Verafin's financial crime management technology. 💸 Many top-of-mind issues were discussed throughout the day, but fraud — and check fraud in particular — stood out as top concerns. 💡 Leaders from across the banking industry talked about the challenges in combating stolen checks, shared best practices, and called for collective action and innovation to fight fraud. Nasdaq Verafin is proud to partner with ABA to advance efforts to combat check fraud and help banks that are on the frontlines of fighting fraud and other financial crimes. Looking forward to another great day today with the Nasdaq team, Annika Scharwey, Sabrina Cahill, Ismael Santiago, Jr., Raymond Roy, and Thomas Hans