Outlier Solutions Inc., a premier Anti Money Laundering (AML) and Counter Terrorist Financing (CTF) consulting firm recently made a request under the Freedom of Information Act (FIA) with the Financial Transactions Reports and Analysis Centre of Canada (FINTRAC) for the agency's policy positions from 2008 to the present. Outlier's Founder, Amber D. Scott states "we were very open with FINTRAC about our intention to publish this content free on our site." adding "We believe that information should be free."
Anti Money Laundering (AML) and Counter TerroristFinancing (CTF) compliance is considered imperative for reporting entities in Canada, including Dealers in Precious Metals and Stones (DPMSs). Compliance requirements are the same across the board, whether you are business is a small entity to large company. For smaller firms, the cost of compliance can astronomical, especially for businesses just beginning to carve their niche.
Countries around the world today are fighting against terrorism as well as money laundering. Canada is no exception and FINTRAC holds a very crucial position in the group of organizations that are involved in that fight. Skilled staff and automated tools are on a continuous duty for the purpose of extracting financial intelligence that is most relevant for investigation and prosecution of offenses related to money laundering, terrorist activities and threats to the country’s security. Today banks and banking service providers are highly regulated especially when it comes to knowing their customers and understanding their transactions.
Although Digital Currencies such as bitcoins and litecoins have widespread acceptance in the virtual currency world, they are not recognized as currency in Canada, but will soon be subject to Canadian anti money laundering (AML) Regulations. Outlier, a company that provides AML consulting services and strategies recommends that dealers in digital currency understand the standards that apply to Money Services Businesses (MSBs) in Canada as per the Canadian while awaiting the draft regulations, which are expected later this year.
Negotiating a consulting contract is no easy task and business firms need to consider various aspects before a proper negotiation. Outlier solutions offers business firms the required assistance to negotiate consulting agreements.