Comprehensive Anti-Money Laundering and Terrorist Financing Compliance Training (Full Transcript)

Speaker 1: Hey, you showed up. For anti-money laundering and terrorist finance and compliance training. I didn't know you'd make it or not, but you're here. And you know what? Even if it is just an audience of one, we have ourselves a show. And look, I know this isn't easy. Believe me, I wrote the course. Taking anti-money laundering compliance training requires a lot of encouragement from your compliance officer. So thank you for being here. Let's get through this together. We'll make it quick, efficient and moderately entertaining. You've given me your time and I appreciate that. And in return, I'm going to make the rest of this course as fantastic as anti-money laundering compliance training can possibly be. This training satisfies one of the key compliance requirements set out by FinTrack, the Financial Transactions and Reports Analysis Centre of Canada, the independent agency of the federal government of Canada responsible for collecting, analyzing, and disclosing certain limited information to law enforcement agencies in an all-out effort to prevent money laundering and terrorist financing activities from happening here in Canada and around the world. FinTrack operates under the Proceeds of Crime, Money Laundering, and Terrorist Financing Act, PCMLTFA, Canada's federal laws to facilitate combating the laundering of proceeds of crime and combating the financing of terrorist activities. The PCMLTFA, let's just agree to call it the act, is an ever-evolving set of regulations designed to stay one step ahead of financially motivated criminals and terrorists, which is why the federal government has introduced new regulations amending the regulations amending certain regulations made under the act. We did not make this up. We actually called FinTrack to confirm that this was real. It is. So what does this all mean for you, and why are you really here? Every reporting entity in Canada—banks, credit unions, securities dealers, life insurance organizations, real estate developers, brokers or agents, law firms, casinos, money service businesses—must have a compliance program in place as part of FinTrack's requirements for combating money laundering and terrorist financing. This means having an appointed compliance officer, written compliance policies and procedures, a proper risk assessment of your company's business activities and relationships, a compliance training program, a documented and implemented plan for ongoing training, whether that's monthly, semi-annually, or annually, and an effectiveness review of the company's overall compliance program in order to ensure it's doing everything it can do to detect and prevent money laundering and terrorist financing activities. And the purpose of this course is to satisfy the compliance training program requirement. We'll cover the compliance fundamentals, the basics of money laundering and terrorist financing, the common tactics, and the implications of those money laundering activities. We'll cover the know-your-client obligations, including when to verify the identities of persons or entities, the methods of verifying identities, their obligations as they relate to business relationship requirements, ongoing monitoring, third-party determination, working with politically exposed persons and heads of international organizations, and we'll talk about FinTrack's reporting requirements and obligations. Whether you're happy to be here or not, there's no judgment. You're here now, and we'll get through this together. Let's do this.