Compliance Regulation in Canada
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Compliance Regulation in Canada
ABM is a Global firm who is providing AML, CTF & Fraud risk management consultancy through adopting the best Corporate Governance, Risk management and Compliance practices by utilizing its diversified and expertized knowledge and experience of qualified chartered accountants and consultants, throughout the United Kingdom, Whole Europe, and Canada.
We have expertise and experience to provide GRC solutions for financial institutions those are struggling to comply with the stringent Canada AML and CFT Laws. Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) were published in the Canada Gazette in 2019 and 2020, the bulk of which will come into force on June 1, 2021.
Our Services with Compliance Regulation in Canada
Corporate Governance
Corporate governance is the system of rules, practices, and processes by which a company is directed and controlled. Corporate Governance refers to the way in which companies are governed. It identifies who has power and accountability, and who makes decisions.
A robust corporate governance framework helps to promote the sound and prudent management and oversight of business that is crucial to meet regulatory expectations, mitigate risk, protect the interests of your customers and stakeholders, and contribute to long-term sustainable growth.
Canada Business Corporations Act provides the guidance to the companies in relation to board management and minimum legal requirement for the corporate companies to operate.
Risk Management
FINTRAC issued guidance to help the financial institutions to understand the main types of the risk, which a company may be exposed to and emphasis the adoption of the risk-based approach that will mitigate the risk.
Risk Management is an essential component of the overall corporate governance and internal control structure of an institution. Regulators would expect all regulated firms to have an enterprise-wide risk management process appropriate to the nature of the business undertaken. That process will clearly be more stringent for the financial institutions.
Compliance Solution
As regulatory bodies and the Government is taking extensive measures to combat the money laundering and terrorism financing risks. FINTRAC is also expecting the financial institutions to strengthen its compliance controls and procedures. Firms are required to have a compliance officer in the firm who will ensure to manage the compliance health of the company.
FATF and APG issued mutual evaluation report in 2016 after evaluating the AML and CFT controls in Canada and they provide them 40 recommendations to implement. After that the government of Canada is updating the laws and for financial institutions it is compulsory to operate under regulatory guidance.
Are you Looking for Total Compliance Solution in Canada?
How can we help you?
ABM advice the companies to implement the risk-based approach after assessing the latest National Risk Assessment carried out by the Government and the business wide risk assessment the firm is exposed to. ABM will help the companies to design the controls as per the company’s financial strength and complexity of structure to ensure cost vs benefit analysis remain intact and cost does not overweigh the benefits.
ABM has vast and diversified experience in assisting firms to create, develop and maintain their risk management systems. Our assistance will be according to your specific need and will be related services.
Why Choose ABM?
Compliance regulations in Canada are a vital framework that businesses must adhere to ensure adherence to legal and ethical standards. Governed by various authorities including the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the Office of the Superintendent of Financial Institutions (OSFI), and provincial regulators, these regulations encompass a wide array of sectors such as finance, healthcare, and environmental protection. Key areas of focus include anti-money laundering (AML), know your customer (KYC) protocols, privacy laws, and industry-specific regulations. ABM Global Compliance Canada specializes in navigating this complex regulatory landscape, offering tailored consultancy services to ensure clients remain compliant while mitigating regulatory risks.