ARTICLE · 17 OCTOBER 2022

Key Things To Include In An AML/ATF Compliance Program

MNP LLP

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Find out what's needed to set up a compliance program that meets all requirements outlined in the PCMLTFA Regulations.

CanadaGovernment, Public Sector

Corey Anne Bloom

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Synopsis

Find out what's needed to set up a compliance program that meets all requirements outlined in the PCMLTFA Regulations.

There are many elements that go into building a compliance program that meets all of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) regulations, from establishing written policies and procedures to training and monitoring. Any missteps and organizations can be flagged for increased scrutiny or penalties.

"A compliance program is a requirement for every reporting entity across different sectors," says Éric Lachapelle, CPA, national finance crime leader for KPMG Canada. "You need to have a specific program in place with all the required components for FINTRAC when they come to examine you. You must be in a position to report suspicious or prescriptive activity to be able to give information to the financial intelligence unit to help law enforcement do their job. That requires a governance framework

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