Banking Services

Anti- money laundering and counter terrorism financing

Since September 2001 the focus of regulatory authorities on criminals' use of the global finance network has increased dramatically. One response has been the Anti-Money Laundering and Counter Terrorism Financing Act.

The risk based approach to identification and ongoing due diligence required by this legislation has moved quite significantly from the old prescriptive approach under the Financial Transactions Reports Act. While the personal identification process is now less prescriptive it has meant that lenders must be rigorous in their analysis and documentation of risk and the steps they take in mitigation.

The reporting requirements are complex. Finance brokers have obligations and ongoing customer due diligence is mandated. All parties involved in financing, currency handling and transfer of funds need to understand their obligations under this legislation.

Donovan Oates Hannaford provides assistance with risk management process as well as an understanding of the legal requirements. We can assist with:

• development of an AML/CTF program,
• risk management assessment,
• project management and implementation, and
• ongoing compliance plan and monitoring and reporting obligations.

Click here to contact us on a no obligation basis to discuss your needs.