Canadian ACAMS Chapter Event: Latest Regulatory Trends

Keeping up-to-date on the latest regulatory trends was the focus of a dynamic lunch-and-learn presentation organized by the ACAMS Canadian Chapter and attended by 200 AML professionals in Toronto in February 2011.

More than 200 AML professionals came together at a session located at RBC Financial Group's offices. ACAMS chapter members would like to extend a special thanks to chapter co-chair, Karim Rajwani, RBC's Chief AML Officer (CAMLO) for hosting the event and to event sponsors World Check and LexisNexis.

The session was moderated by Ron King, CAMLO for Bank of Nova Scotia. He did a marvelous job of guiding the speakers to discuss various topics relevant to the ACAMS members.

The speakers were from Canada's top regulators: Judy Long, from IIROC which regulates the securities industry; Christine Ring, from OSFI which regulates federal banks, insurance companies and trusts and loan companies; and Michael Pawliw, from FINTRAC, Canada's financial intelligence unit.

The presenters discussed various topics of interest. These included: how to prepare for an AML regulatory examination; how to identify higher risk clients and the enhanced due diligence required to mitigate these clients; essentials of effectiveness testing; best practices in STR programs; and what should be included in reports to the board and senior management.

Personally, it was interesting to hear the regulators comment that they expected, as a best practice, that the CAMLO should be present at board meetings to present the AML report and directly answer any related questions from board members. Overall, it was a worthwhile event to attend and all attendees left with more knowledge on how to improve their AML programs and practices.

The Canadian Chapter event on April 14 was a full day session in downtown Toronto. The topic presented on Canadian Money Laundering Case Studies proved to be another interesting and thought provoking ACAMS Canadian Chapter event.

It is amazing to see the ACAMS Canadian Chapter growing in momentum with every event and in bringing like-minded Canadian AML professionals together to discuss, learn and challenge each other on relevant AML topics of interest.

Sal Jadavji, CAMS, CFE, chief AML officer, MCAN Mortgage Corporation

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