I am applying to a Bank do I have to submit a business plan?

Angela Chartrand2021-02-01T11:55:13+00:00June 26th, 2020|

I am a licensed E-Money institution in the UK, and do not have physical offices in Canada however I wish to offer services to Canadian customers. Would my license in the UK meet any regulatory requirements in Canada allowing me to accept Canadian customers?

Angela Chartrand2021-02-01T11:57:22+00:00June 26th, 2020|

We have an AML Policy but have not updated in quite some time. Can you assist us in updating our Policies to ensure we have all of the most recent regulatory requirements covered?

Angela Chartrand2021-02-01T11:58:21+00:00June 26th, 2020|

We are a business within the payment space and have integrated with multiple third-party technology solution providers in an attempt to automate our growing number of Compliance tasks. Often a single technology provider can only respond to one of the items on our long list of tasks. This has caused us to implement multiple technology solutions. Managing multiple vendors has become difficult and we are not overly happy with the gap that sometimes occurs, between where one solution ends, and another begins, leaving us often with a manual process and an unmanageable risk. Do you provide consultation services aimed at helping us navigate through all of the various third-party compliance technology providers and evaluate which one(s) would better meet our needs?

Angela Chartrand2021-02-01T11:59:43+00:00June 26th, 2020|

Do you conduct remote effectiveness reviews? We are a Crypto Exchange in the US?

Angela Chartrand2021-02-01T12:03:58+00:00June 26th, 2020|

I am looking for customized AML Training Solutions. Is this something you can help me with?

Angela Chartrand2021-02-01T12:05:43+00:00June 26th, 2020|

Call us to arrange a free exploratory call to discuss how we may assist you

Q: I am applying to a Bank do I have to submit a business plan?

We recommend that a detailed business plan is included with your banking application. We can help you create your business plan and also help you with your banking application submission

Q: I am a licensed E-Money institution in the UK, and do not have physical offices in Canada however I wish to offer services to Canadian customers. Would my license in the UK meet any regulatory requirements in Canada allowing me to accept Canadian customers?

Your license in the UK unfortunately does not extend to any operations you may wish to conduct In Canada. An E- Money Institution License in the UK is similar to Canada’s MSB Registration. Your business model would need to be reviewed by a lawyer to assess whether or not you would be required to register with Canada’s Financial Transactions and Reports Analysis Centre of Canada otherwise known as FINTRAC. If it is deemed by the lawyer that your business model is that of an MSB, you would need to be registered with FINTRAC as a Foreign MSB. Through our network of resources, we can introduce you to one of the many lawyers we work with in the space to assist you in assessment of your business model as it relates to any regulatory requirements in Canada.

Q: We have an AML Policy but have not updated in quite some time. Can you assist us in updating our Policies to ensure we have all of the most recent regulatory requirements covered?

While we create AML Programs from the ground up including AML Policies and Procedures, we also provide revision and/or rewrite services

Q: We are a business within the payment space and have integrated with multiple third-party technology solution providers in an attempt to automate our growing number of Compliance tasks. Often a single technology provider can only respond to one of the items on our long list of tasks. This has caused us to implement multiple technology solutions. Managing multiple vendors has become difficult and we are not overly happy with the gap that sometimes occurs, between where one solution ends, and another begins, leaving us often with a manual process and an unmanageable risk. Do you provide consultation services aimed at helping us navigate through all of the various third-party compliance technology providers and evaluate which one(s) would better meet our needs?

Yes we believe all AML Programs must include technology solutions aimed at automating compliance processes. We have built solid partnerships with the best in class, often award-winning technology solution providers within the payment and fintech space. We can help you choose and implement the right solution for all of your regulatory compliance needs.

Q: Do you conduct remote effectiveness reviews? We are a Crypto Exchange in the US?

Yes we can conduct a remote BSA effectiveness review for your Crypto Exchange.

Q: I am looking for customized AML Training Solutions. Is this something you can help me with?

Yes we create customized AML Training solutions for each client. Customization means the cookie cutter and templates have been thrown out. Instead, we work collectively together with our client to build their training program from the ground up. Additionally, we have partnered with an award- winning training provider, TAMLO Inc. The TAMLO training solution aims to provide all of your front-line workers, who are the first to engage with your clients, with the information and knowledge they need so that they can promptly identity known red flags related to money laundering and terrorist financing, thereby protecting you and your business quickly before financial and reputational damage can occur

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FAQs

I am applying to a Bank do I have to submit a business plan?

I am a licensed E-Money institution in the UK, and do not have physical offices in Canada however I wish to offer services to Canadian customers. Would my license in the UK meet any regulatory requirements in Canada allowing me to accept Canadian customers?

We have an AML Policy but have not updated in quite some time. Can you assist us in updating our Policies to ensure we have all of the most recent regulatory requirements covered?

Do you conduct remote effectiveness reviews? We are a Crypto Exchange in the US?

I am looking for customized AML Training Solutions. Is this something you can help me with?

Call us to arrange a free exploratory call to discuss how we may assist you

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