FINTRAC REGULATORY EXPECTATION IN 2021
TCAE is excited to invite Jacqueline Shinfield to the very first session of TCAE Knowledge Series webinar for 2021. We will start off the year with her insights on the regulatory trends and landscape in 2021 – with a specific focus on the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulatory expectations.
In less than 6 months, the balance of the amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act will come into effect: most notably impacting virtual currency dealers and those engaged in sending and receiving electronic fund transfers (EFT). In addition, updated requirements on politically exposed persons (PEP), ongoing monitoring, and the travel rule will need to be addressed by reporting entities (RE).
- Expectations for virtual currency dealers as of June 1, 2021
- EFTs: compliance moving forward post June 1, 2021
- Understanding the new requirements effective June 2021 (PEPs/ongoing monitoring/travel rule)
- FINTRAC: understanding their expectations in respect of the new requirements
Jacqueline D. Shinfield | Co-lead, Blakes Financial Services Regulatory Group and Partner, Blake, Cassels & Graydon LLP
Jacqueline is co-lead of Blakes Financial Services Regulatory group. Her practice focuses on all aspects of regulatory compliance in the retail financial services and payments industry at both the federal and provincial levels. She provides advice to regulated financial institutions and non-bank institutions, payday loan companies, money services businesses, foreign exchange dealers, mobile payments service providers, digital currency exchanges and others. She has extensive experience providing advice in respect of Canada’s anti-money laundering and anti-terrorism financing legislation as well as Canadian sanctions legislation.
Jacqueline also has particular expertise in the payment and card industry and provides advice to those involved in all aspects of these industries, including credit card, stored value card and virtual card issuers, issuers and exchangers of digital currency, e-wallet providers, payment solution providers, program managers, payment processors, payment acquirers, payment networks and others involved in payment systems generally. She also provides a wide range of advice on regulatory issues with respect to the development of new payment products and distribution networks and on regulatory compliance with respect to payment systems legislation and consumer protection legislation.
Jacqueline assists financial institutions in their dealings with the Financial Consumer Agency of Canada and assists regulated entities in their dealings with the Financial Transactions and Reports Analysis Centre of Canada. She also acts for businesses and institutions in providing advice on compliance with the rules and by-laws of the Canadian Payments Association and codes of conduct of the Canadian Bankers Association.
HOST & MODERATOR
Souzan Esmaili, Compliance & AML Consultant | Founder, TCAE
Souzan Esmaili has over 15 years of international experience in consultancy and training with a focus on Regulatory Compliance, Anti-Money Laundering, Anti-Bribery and Corruption and RegTech. She worked for various financial institutions and consultancies in Dubai and Toronto.
Prior to moving to Canada, Souzan worked as a senior consultant and assisted her clients to understand their compliance needs, advised on meeting regulatory requirements and managed a multitude of remediation projects. She has acted as the Compliance Officer and MLRO for a number of firms regulated by the Dubai Financial Services Authority (DFSA) and advised extensively on matters related to Governance, Risk and Compliance (GRC).
In October 2019, Souzan created Toronto Compliance and AML Events (TCAE) with a passion to help the AML and Compliance professionals to connect and inform them of relevant events based in Toronto. In March 2020, Souzan launched The Knowledge Series where she brings international industry experts and thought leaders to share their knowledge and experience with the AML and Compliance professionals around the world.