Reviewing the Updated Canadian Money Laundering Regulations - Gene DiMira (Slides)

1. 2019 Eastern Workshop
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Reviewing the Updated Canadian
Anti-Money Laundering Regulations
Gene DiMira, CAMS-Audit
Manulife
Head of Global Compliance AMLATF Program

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Three Questions to be answered today
Why will this summer’s changes in Canada to the Proceeds of
Crime, Money Laundering and Terrorist Financing Regulations
will help bring a new era in Digital Identification methods
available for Canadians?
What can we do to help as a digital community?
What’s next in global guidance to fight financial crime?

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1 – What has changed in AML Laws?
Federal/Provincial Gov’t ID –
Now permits “Authentic” record ID capture instead of sole
option of original Photo ID viewed and compared by living
persons
Credit Bureau Methods –
As of 2021 requires two independent sources
Dual Record Methods –
No change, however more options coming into market

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1 – Why Does that Matter?
More options for identity capture leads to
Greater coverage of consumer adoption of at least one
non-face-to-face methods by providing either PhotoID or Credential
method
Credit bureau method adjustment
Expected to shift to use of Dual-Record method, however
remains a valuable tool to keep information up to date and
confirm relationships. Use of knowledge-based identification

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2 – How can DID Community
Respond?
Anti-Money Laundering Reporting Entities include new entrants
to Digital Identity consumers area
• Banks, Trust Companies, Insurance, Securities
• Money Services Businesses
• Realtors, Accountants, Notaries,
• Casinos, Dealers in Precious Metals

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2 – How can DID Community
Respond?
DIACC Survey of Photo Identity Capture “Innovative
Technologies” to populate a directory of service providers in
Canada will:
• Announces the change to these service providers who may be
unaware of the new opportunity in Canada
• Provides support for AML Reporting Entities as they are legally
required to create an AML Risk Assessment for new
technologies

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3 - Global Guidance is moving
forward
• The Financial Action Task Force (FATF) is an inter-governmental body to
set standards and promote effective implementation of legal, regulatory
and operational measures for combating money laundering, terrorist
financing and other related threats to the integrity of the international
financial system.
• The FATF is drafting Digital Identification Guidance and a consultation
period begins in October with final guidance targeted in February 2020.

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Why is Global ID Guidance
Important?
Who am I?

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Thank you