Tuesday, May 10, 2011

Announcements and Opening Remarks from the Chair

Stephen Harvey
Chief Anti-Money Laundering Officer, CIBC

1. Keynote Address

Jeanne Flemming
Director, FINTRAC

2. What’s New from the Regulators?

Nicolas W. R. Burbidge, FCIS PA dm.
Senior Director, Compliance Division, Office of the
Superintendent of Financial Institutions Canada (OSFI)

• An update on AMPS imposed to date, including the B.C. Lottery Corp. penalty
  • What infractions have been identified?
• What are FINTRAC’s plans with respect to conducting compliance risk assessments on banks?
  • How will this fit in with OSFI’s audits?
• Guidance on the changes to s.1.1 of the PCMLTFA: jurisdictions of higher risk
  • Draft regulations if available
• Expectations on boards of directors, senior management and internal auditors
• What are FINTRAC’s expectations with respect to reporting frauds?
  • Do victims need to be personally identified in the report, or just conspirators/fraudsters?
  • Is a police report sufficient?
  • Securities fraud such as pump-and-dump schemes
  • Ponzi schemes, mortgage fraud, alternative types of loans
• Sanctions
  • Will the regulators be integrating their lists?
  • How compatible are the OFAC lists?
  • What are the expectations on FIs? --Real time or batch customer monitoring? Cross-border transactions?
  • Monitoring securities by trade as well as by clients
  • Evaluating custodians and brokers/broker dealers

3. Understanding OSFI’s Expectations for Inherent Risk Analysis

Nicolas Burbidge, FCIS, PADm.
Senior Director, Compliance Division, OSFI

• What are OSFI’s expectations in terms of inherent risk analysis methodology?
• Identifying high-risk customers
• The content of enhanced due diligence and monitoring: what does it mean in practice?
• Rating products and services
• Best account-opening practices and KYC for foreign persons

4. Domestic and Foreign Anti-Bribery/Anti- Corruption Statutes: What Do They Mean to Canadian Regulated Entities?

Jacob Frenkel
Chair, Securities Enforcement and White-Collar Crime
Practice Group, Shulman, Rogers, Gandal, Pordy & Ecker
P.A., Potomac, Maryland

• Key elements of the FCPA, UK Bribery Act and Canadian Bribery Act
• How they affect you and why should you be concerned
• Understanding the extraterritorial reach of the US and UK statutes
• What entities are covered?
• Elements of an adequate compliance program
• Red flags

5. Canadian Trends & Typologies – the Law Enforcement Perspective

Moderator:

Garry Clement CFE CAMS AMLP, Chief Operations Officer, Pace Global Advantage (PGA) &President and CEO, Clement Advisory Group

Panelists:

Stéphane Sirard, I/C, Financial Crime Intelligence Analysis Section, RCMP

Sgt. Peter Sonnichsen, NSCOB - Anti Terrorist Financing, RCMP

• What typologies have been identified in the newly regulated sectors?
• An update on the white-label ATM sector
• Trends in mobile payments, including phone-to-phone transfers of funds
• Is pressure on legitimate MSBs pushing money remittances underground?
• Use of gold for money laundering
• Casinos as a medium for money laundering
• ATF typologies
  • The charity sector

Ron King
Vice President & Chief Anti-Money Laundering Officer
Bank of Nova Scotia

In this session, case studies will be used to illustrate important aspects of compliance with sanctions regimes.

• Typologies of sanction evasion
• What are the red flags?
• Dealing with the extraterritorial reach of OFAC
• Family support remittances – do they fall under sanctions?
• Key challenges relating to anti-proliferation measures
• Industries at higher risk of sanctions violations
• Sanctions and correspondent banking relationships
• Leveraging transaction monitoring to identify potential sanction violations

8. AML Compliance for Mutual Fund and Portfolio Managers

Prema Thiele
Partner, Borden Ladner Gervais LLP

• Who does what? -- allocating responsibilities between fund managers and dealers
• Approaches to suspicious and attempted suspicious transaction reporting
  • The impact of arm’s length relationships with investors
  • Red flags
• What does risk-based analysis mean in the fund management context?
  • Risk analysis of potential investments
• The role of securities regulators
• Selecting an independent auditor
• Meeting training challenges in this sector

Chair’s Remarks and Conference Concludes