Featured Posts
Call To Action
Draft write-up to initiate action in the House of Commons to bring in legislation that will do much more to protect our vulnerable and targeted seniors from being defrauded A petition to the House of Commons in April 2023 to protect seniors in particular from losing their lifetime savings and
KYC/AML compliance obligations are ongoing
This LinkedIn post is a timely reminder that KYC/AML compliance is ongoing and does not stop once you have onboarded a new client/member. Life changes and new development sand events can have implications on what a financial institution customer needs to do (e.g., retirement, divorce). In doing periodic reviews, the
Threshold rules help financial institutions protect customers
Not enough is said about setting thresholds to protect customers from being defrauded. They do and should exist but often not public knowledge as internal to the operations of a financial institution. One that did become known was based on an inquiry to Bank of America staff about rules around
Need to ask questions to do your due diligence
Good work by Kevin Irikefe on putting together a guide with a number of excellent questions to better understand the customer and get to the heart of what risk may be lurking behind a transaction and irregular activity that could signal fraud is being carried out. Kelvin Irikefe – CAMS,
What are you observing from your customer’s transaction pattern?
What makes sense with the transaction pattern you are confronted with and processing? Does it align and make sense given the profile of your customer that you have determined through proper KYC procedures and continuous monitoring of their activity since onboarding them? Mr. Singh highlights 5 transaction patterns that deserve
BBC story shows how intricate a scam can be in composition
The scam speaks for itself and is an example of how we need to look out for our family and friends if something is just not right. Look for signs that do not add up and do not be afraid to intervene and ask probing questions. Financial institutions should be
JPMorgan Chase ‘s Jennifer Roberts weighs in on consumer fraud
This LinkedIn post from Jennifer Roberts, the CEO of Consumer Banking at Chase, is certainly indicative of current thinking and approaches to acknowledge financial institutions are not the beginning of scams but obviously central to playing a vital role in stopping them. What was encouraging and of note in her
FCAC’s Frank Lofranco on financial institution compliance
As podcasts gain greater currency in communicating key issues and engage important industry/government leaders on various topics of interest, this LinkedIn post provides a podcast of an interview with the Deputy Commissioner of Canada’s Financial Consumer Agency of Canada (FCAC). You can also link to the transcript if you prefer
FATF underwhelmed by Canada’s anti-money laundering efforts
As Globe and Mail reporter Rita Trichur rightly observes, Canada has a way to go to bring up its level and regulatory controls to counter money laundering in the country. Whether the US will use Canada’s poor anti-money laundering regime against Canada should come as no surprise given what they
Why is Enhanced Due Diligence (EDD) important?
This LinkedIn post explains why financial institutions need to understand their customer and the purpose of the account they have set up. How are they using it and the services of the financial institution they rely on to protect their money? They need to go beyond standard KYC requirements and