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
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+00:00
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.
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+00:00
While we create AML Programs from the ground up including AML Policies and Procedures, we also provide
revision and/or rewrite services
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+00:00
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
Do you conduct remote effectiveness reviews? We are a Crypto Exchange in the US?Angela Chartrand2021-02-01T12:03:58+00:00
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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