23rd Annual Canadian Forum on Anti-Money Laundering and Financial Crime - DS

June 5–6, 2024 | One King West Toronto

23rd Annual Canadian Forum on

Anti-Money Laundering and Financial Crime

Featuring Keynote Speakers from: FINTRAC, Department of Finance, Bank of Canada, and OSFI

Canada’s Leading AML Compliance and Financial Crimes Forum

CONFERENCE CO-CHAIRS

Ana Folgar Manager, AML, Global Wealth Management Scotiabank

Khaled Shoeb, MFAcc, CFE AVP, AML & Financial Crime Risk - Canada & Latin America Wells Fargo

KEYNOTE SPEAKERS

EARN CPD CREDITS

Donna Achimov Chief Compliance Officer and Deputy Director FINTRAC

Erin Hunt Director General, Financial Crimes and Security Division Department of Finance Canada

Gabriel Ngo Director of Enforcement, Retail Payments Supervision Bank of Canada

Kathy Thompson Assistant Superintendent, National Security Sector Office of the Superintendent of Financial Institutions (OSFI)

EXCLUSIVE LINEUP OF GOVERNMENT OFFICIALS AND INDUSTRY THOUGHTLEADERS:

John Armit

Acting Detective Sergeant, Anti-Rackets Branch (ARB) Ontario Provincial Police

Valerie Dahan

Detective Constable - Financial Crimes Unit, Asset Forfeiture Unit Toronto Police Service

Kevin deBruyckere Director, AML & Investigations, Legal, Compliance, Security British Columbia Lottery Corporation (BCLC)

Nolan Fuller Attaché, IRS Criminal Investigation United States Embassy - Ottawa

ASSOCIATE SPONSOR

Melinda Murray Executive Director, Criminal Property Forfeiture Branch Manitoba Justice

Gary Valiquette Prosecutor, Guns and Gangs Unit Ontario Ministry of the Attorney General

Canadian Institute’s 23rd Annual Flagship Canadian Forum on Anti-Money Laundering and Financial Crime brings together Canada’s prominent regulators with industry thought leaders from the financial institutions sector to explore ongoing concerns faced by Anti-Money Laundering (AML) and Financial Crimes professionals during an unprecedented time of increased scrutiny and enforcement.

FEATURED SPEAKERS:

TORSTEIN BRAATEN Chief Executive Officer and Chief Compliance Officer Coinsquare

VALERIE DAHAN Detective ConstableFinancial Crimes Unit, Asset Forfeiture Unit Toronto Police Service

SASHA CALDERA Campaign Manager, Beneficial Ownership Transparency Publish What You Pay Canada

DREW GALOW, M.SC. AML CDAO and Head, Technology and Analytics BMO Financial Group

GARRY CLEMENT Chief Anti-Money Laundering Officer Versabank

PETER M. GERMAN, KC, PHD President & Executive Director International Centre for Criminal Law Reform (ICCLR)

SAM COOPER National Online Journalist, Investigative Global News

RITA TRICHUR Senior Business Writer and Columnist The Global and Mail

Gain Insights from Industry Speakers and Thoughtleaders:

ĉ Arthur J. Gallagher

ĉ BMO Financial Group

ĉ Bank of Canada

ĉ British Columbia Lottery Corporation ĉ Coinsquare

ĉ Department of Finance Canada

ĉ International Centre for Criminal Law Reform (ICCLR)

ĉ Ontario Ministry of the Attorney General

ĉ Office of the Superintendent of Financial Institutions (OSFI)

ĉ Publish What You Pay Canada ĉ Scotiabank ĉ Transparency International

United States Embassy - Ottawa

Wells Fargo

AGENDA AT-A-GLANCE

PRE-CONFERENCE WORKSHOPS | Tuesday, June 4, 2024

WORKSHOP A CLOCK 9:00 AM–12:30 PM  FINTRAC PREPAREDNESS:

How to Complete the Perfect STR: Step-by-Step Guidance on Writing and Submitting High Quality STRs to FINTRAC, Avoiding the Pitfalls of Incomplete STR Reports

MAIN CONFERENCE DAY 1

Wednesday, June 5, 2024 | 8:00 am–5:00 pm

8:00 am Networking Breakfast and Registration

9:00 am Opening Remarks from the Co-Chairs

9:10 am OPENING KEYNOTE with FINTRAC

9:45 am Bill C-42 and the National Public Beneficial Ownership Register: How Financial Institutions Can Prepare for Compliance with Canadian Transparency Requirements

10:45 am Networking Break

11:15 am The Role of AML Legal in the Modern AML Regime

12:00 pm Networking Luncheon

1:00 pm OSFI KEYNOTE

1:30 pm Unexplained Wealth Orders Update: Impacts, Updates, and What’s Ahead for UWOs and Civil Forfeiture in BC and Beyond

2:30 pm AI IN AML, PART I Operationalizing AI in AML: Optimizing AML Efficiency and Effectiveness through AI

3:15 pm Networking Break

3:30 pm New Reporting Entities Under the PCMLTFA: Exploring Expanded Sector Regulations Related to Real Estate, Including Armored Car Services, Mortgage Lenders, Mortgage Brokers, and Private Lenders

4:15 pm International AML Trends and Threats Report: Exploring Risks Related to China, Russia, Iran, and North Korea in Canada’s AML and CFT Landscape

5:00 pm Closing Remarks and Day 1 Adjourns to Networking Cocktail Reception

WORKSHOP B CLOCK 1:30 PM–5:00 PM  KYC WORKSHOP:

Complete Guide to Perpetual KYC: How to Navigate the Complexities of Ever-Changing KYC

MAIN CONFERENCE DAY 2

Thursday, June 6, 2024 | 8:00 am–5:00 pm

8:00 am

Networking Breakfast and Registration

9:00 am Opening Remarks from the Co-Chairs

9:10 am FINANCE CANADA KEYNOTE

9:45 am

Cryptocurrency Scams and Cyber Fraud Trends in Money Laundering: The Latest in Romance Scams, Pig Butchering, and Navigating the Crypto Investment Fraud Landscape in Canada

10:45 am Networking Break

11:15 am Fighting Modern Slavery by Identifying Human Trafficking-Related Money Laundering Indicators and Strengthening Law Enforcement Collaboration

12:00 pm Networking Luncheon

1:00 pm FIRESIDE CHAT KEYNOTE with Bank of Canada

1:30 pm AI IN AML, PART II

AI Risks and Deep Fakes in the Fight Against Money Laundering: Protecting Your Organization from the Rise of AI-Generated Threats

2:00 pm Navigating Online Gambling in a Post-Cullen World: Convergence of Online Gambling, Sports Betting and Financial Crime Across Canada

3:00 pm Networking Break

3:15 pm Redefining Your Risk Strategy: Best Practices for Conducting a Comprehensive Risk Assessment to Identify Gaps in Your AML Program

4:00 pm Case Study on IWT - Project Anton: Disrupting Illegal Wildlife Trade through Innovative International Public-Private Partnerships

5:00 pm Closing Remarks from the Co-Chairs

2024 SPEAKING FACULTY

KEYNOTE SPEAKERS

Donna Achimov

Chief Compliance Officer and Deputy Director FINTRAC

Erin Hunt

Director General, Financial Crimes and Security Division Department of Finance Canada

Gabriel Ngo

Director of Enforcement, Retail Payments Supervision Bank of Canada

Kathy Thompson

Assistant Superintendent, National Security Sector Office of the Superintendent of Financial Institutions (OSFI)

CONFERENCE CO-CHAIRS

Ana Folgar Manager, AML, Global Wealth Management Scotiabank

Khaled Shoeb, MFAcc, CFE AVP, AML & Financial Crime RiskCanada & Latin America Wells Fargo

GOVERNMENT SPEAKERS

Cheryl Ringor

Senior Director, Policy, Compliance and Integrity

Innovation, Science and Economic Development Canada (ISED)

Gary Valiquette

Prosector, Guns and Gangs Unit

Ontario Ministry of the Attorney General

Gregory Vandekerckhove Detective Constable, Human Trafficking Enforcement Team Toronto Police Service

INDUSTRY SPEAKERS AND THOUGHT LEADERS

John Armit

Acting Detective Sergeant, Anti-Rackets Branch (ARB) Ontario Provincial Police

David Coffey

Detective - Financial Services Unit Toronto Police Service

Jim Cruess

Senior Litigation Counsel Ontario Securities Commission

Valerie Dahan

Detective Constable - Financial Crimes Unit, Asset Forfeiture Unit Toronto Police Service

Kevin deBruyckere

Director, AML & Investigations, Legal, Compliance, Security British Columbia Lottery Corporation (BCLC)

Mitchell A. Flagg

Crown Counsel, Serious Fraud Office/ Complex Prosecutions Bureau Ministry of the Attorney General

Nolan Fuller

Attaché, IRS Criminal Investigation United States Embassy - Ottawa

Craig Hicks

Civilian Criminal Investigator RCMP

Patrick Moreau

Team Lead, Terrorist Financing, Threats, International Unit FINTRAC

Melinda Murray

Executive Director, Criminal Property Forfeiture Branch Manitoba Justice

Christopher Rhone

Detective, Provincial Asset Forfeiture Unit Ottawa Police Service

Umair Azam

Legal Counsel

Canadian Bankers Association

Dean Baxendale

President & Publisher

Optimum Publishing International

Andres Betancourt

VP AML, Sanctions, Internal Audit & Internal Controls

PNC

Sumit Bhatia Chief Business Officer Toronto Business Development Centre (TBDC)

Torstein Braaten

Chief Executive Officer and Chief Compliance Officer Coinsquare

Sasha Caldera

Campaign Manager, Beneficial Ownership Transparency Publish What You Pay Canada

Calvin Chrustie

Senior Partner The Critical Risk Team

Charlene Cieslik Chief Compliance Officer Localcoin

Garry Clement Chief Anti-Money Laundering Officer VersaBank

James Cohen

Senior Director, Industry Practice Lead Moody’s Analytics

Sam Cooper National Online Journalist, Investigative Global News

Eugenio (Gene) DiMira Global Head of Revenue and Partnerships FinClusive

Richard Dunwoody Founder Project Recover 2019

Cameron Field Vice President VIDOCQ

Drew Galow, M.Sc.

AML CDAO and Head, Technology and Analytics BMO Financial Group

Peter M. German, KC, PhD President & Executive Director International Centre for Criminal Law Reform (ICCLR)

Shahram Ghahremani Machine Learning Engineer, Financial Crimes York University

Duncan Halverson

Director, AI/ML Research and Special Projects, Financial Crime Scotiabank

Will Hill

Executive Director Canadian Lottery Coalition

Jason Ho

Associate Vice President, AML and Sanctions Advisory TD

Joseph Iuso

Head of Global Regulatory Affairs KYC2020

Brendan King

Intelligence Analyst Wildlife Justice Commission

Dwayne King AML Compliance Officer WFCU Credit Union

Joseph Mari

Director, Anti-Money Laundering Financial Intelligence Unit (AML FIU) Global AML Scotiabank

Derek Ramm

Global Head, Advisory Services Kinectify

Amber D. Scott Co-Founder and CEO Outlier Solutions Inc.

Raju Sidhu

Senior Counsel, Legal and Regulatory Compliance BMO Financial Group

Fara Francois Sim

Chief Anti-Money Laundering Officer CITCO Bank Canada

Jeff Simser Barrister & Solicitor

Former Legal Director Ministry of Attorney General

Sandy Stephens

VP & Chief Compliance Officer Alterna Savings Alterna Bank

Rita Trichur

Senior Business Writer and Columnist The Globe and Mail

Murali Vijendren

Chief AI Risk Officer, Head of Generative AI for Cyber Implementation SigmaRed Technologies

John Wojcik

Associate Programme Officer, Organized Crime Analysis & Threat Monitoring United Nations Office on Drugs and Crime (UNODC)

Emily Zheludev Head of Canada Financial Crimes Compliance Stripe

LAW FIRM SPEAKERS

Peter Aziz

Senior Counsel Torys LLP

John Boscariol

Partner

McCarthy Tétrault LLP

Anden Chow

Partner

MoloLamken LLP

Jacqueline Shinfield

Partner Blake, Cassels & Graydon LLP

Workshops are offered in-person only.

PRE-CONFERENCE WORKSHOPS

Tuesday,

June 6, 2023

WORKSHOP A CLOCK 9:00 AM–12:30 PM FINTRAC PREPAREDNESS

STR

WORKSHOP:

WORKSHOP B CLOCK 1:30 PM–5:00 PM KYC WORKSHOP

Step-by-Step Guidance on Writing and Submitting High Quality STRs to FINTRAC

Microphone-alt Dwayne King, AML Compliance Officer, WFCU Credit Union

Amber D. Scott, Co-Founder and CEO, Outlier Solutions Inc.

In December 2023, FINTRAC levied its largest-ever fine related to standards on processes to report suspicious transactions, leaving many organizations scrambling to identify and fill in any potential gaps related to their own STR processes and procedures.

STR requirements under the PCMLTFA apply to all reporting entity sectors, and their AML reporting obligations include monitoring financial transactions for signs of suspicious activity and filing Suspicious Transaction Reports (STRs) to FINTRAC. During this workshop, we will break down changes to the STR reporting form as well as overall guidance on writing and submitting a high-quality STR, including:

• To file or not to file? Preparing to submit a high-quality STR and navigating failure to file

• Preparing for FINTRAC examinations and responding to information requests

• Effectively detecting and reporting suspicious transactions to FINTRAC

• Lessons learned from recent AML violation cases

• Implementing a risk-based approach to your overall AML compliance program

• FINTRAC’s risk-based examination framework

• Next steps if you have received a request from FINTRAC

INCLUDES 3 HOURS CPD

Complete Guide to Perpetual KYC: How to Navigate the Complexities of Ever-Changing KYC

Microphone-alt Andres Betancourt, VP AML, Sanctions, Internal Audit & Internal Controls, PNC

Eugenio (Gene) DiMira, Global Head of Partnerships, FinClusive

Mitigating the AML risks associated with customer acquisition and retention require strong Know Your Customer (KYC) and Customer Due Diligence (CDD). During this deep-dive workshop, new and experienced AML and Financial Crimes professionals will learn key aspects and challenges of navigating the complexities of ever-changing KYC.

This deep-dive workshop will provide guidance and practical advice on how to perform CDD and KYC in a manner that makes the grade to avoid the risk of penalty.

During this workshop, we will explore:

• Exploring e-KYC and Perpetual KYC (PKYC)

» Benefits of a PKYC approach

• Improving efficiency in the AML/KYC onboarding process

• Achieving a data-led approach and implementing automation

• Navigating the numerous challenges related to overhauling KYC processes

• Improving reporting standards to better justify risk-based decisions

• Managing the increasing importance of documentation to demonstrate Customer Due Diligence (CDD)

• Optimizing and integrating automating CDD processes

WHO SHOULD ATTEND

Anti-Money Laundering, Risk Management and Compliance Professionals in:

y Credit Unions

y Trust & Loan Companies

y Insurance and Re-Insurance

y Asset-Management

y Securities Firms

y Mortgage Companies

y Securities & Fund Brokers & Dealers

y Investment and Financial Managers & Advisors

As well as Senior Professionals working in the areas of:

y Payment Processing

y Virtual Currency

y Precious Metals, Gems and Jewelry

y Real Estate Development & Brokerage

y Accounting

y Foreign Exchange Dealers

y Subsidiaries of International Financial Institutions

y Other Financial and Money Services Businesses

y Legal Services

y Gaming & Casino Operations

y Financial Policy & Regulation

MAIN CONFERENCE DAY 1

Wednesday, June 5, 2024

8:00 am Networking Breakfast and Registration

9:00 am

Opening Remarks from the Co-Chairs

Microphone-alt Ana Folgar, Manager, AML, Global Wealth Management, Scotiabank

Khaled Shoeb, MFAcc, CFE, AVP, AML & Financial Crime RiskCanada & Latin America, Wells Fargo

9:10 am OPENING KEYNOTE with FINTRAC Strengthening Protections Against Financial Crimes Across Canada: Modernization, Supervision, and Enforcement Updates

Donna Achimov Chief Compliance Officer and Deputy Director FINTRAC

9:45 am

Bill C-42 and the National Public Beneficial Ownership Register: How Financial Institutions Can Prepare for Compliance with Canadian Transparency Requirements

Microphone-alt Sasha Caldera, Campaign Manager, Beneficial Ownership Transparency, Publish What You Pay Canada

Charlene Cieslik, Chief Compliance Officer, Localcoin

Cheryl Ringor, Senior Director, Policy, Compliance and Integrity, Innovation, Science and Economic Development Canada (ISED)

Moderator:

James Cohen, Senior Director, Industry Practice Lead, Moody’s Analytics

Bill C-42, which creates amendments to the Canada Business Corporations Act (CBCA), aims to achieve greater transparency related to beneficial ownership of Canadian corporations governed by the Act.

As of January 2024, businesses incorporated under the CBCA are required to file information on individuals with significant control (ISCs) with Corporations Canada. The Act amendments also propose making information available to the public. During this critical discussion, we will explore:

• Canada’s Beneficial Owner Registry in a global context

• Where do the provinces fit into the federal national registry?

• Clarity and best practices related to discrepancy reporting

• How are provinces building out technology related to the registry

• Steps toward a pan-Canadian Beneficial Ownership registry

• Guidance on requirements for the federal registry, including its implementation and timeline for reporting and disclosing information on your corporate ownership and control

• How federal, provincial, and territorial governments are working on Beneficial Ownership transparency

10:45 am Networking Break

11:15 am

The Role of AML Legal in the Modern AML Regime

Microphone-alt Anden Chow, Partner, MoloLamken LLP

Raju Sidhu, Senior Counsel, Legal and Regulatory Compliance, BMO Financial Group

Sandy Stephens, VP & Chief Compliance Officer, Alterna Savings Alterna Bank

Moderator:

Peter Aziz, Senior Counsel, Torys LLP

In the modern AML regime in Canada, AML legal plays a crucial role in shaping regulatory compliance and enforcing measures to combat financial crime effectively. During this panel, we will explore:

• Drafting and implementing policies and procedures to ensure compliance with evolving AML regulations and international standards

• Providing legal guidance and support in investigations and enforcement actions related to suspected money laundering activities

• Collaborating with regulatory authorities and law enforcement agencies to enhance information sharing and coordination in AML efforts

• Improving collaboration between legal and compliance personnel

• Navigating internal information sharing

• A look at the different kinds of production orders and external intelligence, and how to react to them

12:00 pm Networking Luncheon

1:00 pm OSFI KEYNOTE

Kathy Thompson Assistant Superintendent, National Security Sector Office of the Superintendent of Financial Institutions

The Office of the Superintendent of Financial Institutions’ expanded mandate to address integrity and security risks with FRFIs, including foreign interference; its role in anti-money laundering and financial crime; and, how it works with its partners.

1:30 pm

Unexplained Wealth Orders Update: Impacts, Updates, and What’s Ahead for UWOs and Civil Forfeiture in BC and Beyond

Microphone-alt Valerie Dahan, Detective Constable, Organized Crime Enforcement, Financial Crimes Unit - Asset Forfeiture, Toronto Police Service

Melinda Murray, Executive Director, Criminal Property Forfeiture Branch, Manitoba Justice

Jeff Simser, Barrister & Solicitor, Former Legal Director, Ministry of Attorney General

Gary Valiquette, Prosector, Guns and Gangs Unit, Ontario Ministry of the Attorney General

Moderator:

Peter M. German, KC, PhD, President & A/Executive Director, International Centre for Criminal Law Reform (ICCLR), Chair, Advisory Committee, Vancouver Anti-Corruption Centre (VACI)

The British Columbia government intensified its efforts against organized crime by introducing a new set of measures aimed at confiscating the proceeds of criminal activities, including high-end vehicles, extravagant residences, and luxury items, thereby diminishing the profitability of organized crime activity.

The government enacted several amendments to the Civil Forfeiture Act, notably introducing unexplained wealth orders (UWOs), which mandate that individuals clarify the origins of their assets when suspicions of illicit activity arise. UWOs serve as a potent tool enabling the government to deal with asset concealment through familial or associate ties, helping dismantle the incentives associated with organized criminal activities.

This panel will focus on:

• The targeting of high-value assets

• Recent amendments to civil forfeiture legislation in British Columbia and Manitoba, including the establishment of unexplained wealth orders (UWOs) as a key strategy

• Building stronger cases against assets used in organized crime, drug trafficking and money laundering

• The advantages and potential pitfalls of UWOs

2:30 pm AI in AML | PART I

Operationalizing AI in AML: Optimizing AML Efficiency While Protecting Fundamental Rights and Data Privacy

Microphone-alt Drew Galow, M.Sc., AML CDAO and Head, Technology and Analytics, BMO Financial Group

Murali Vijendran, Chief AI Risk Officer, Head of Generative AI for Cyber Implementation, SigmaRed Technologies

Moderator:

Sumit Bhatia, Chief Business Officer, Toronto Business Development Centre (TBDC)

In the current landscape, the Canadian government is increasingly turning to artificial intelligence (AI) as a potent tool in the battle against money laundering. AI empowers companies to analyze unprecedented volumes of data, significantly enhancing the detection of suspicious activities. In this discussion focused on AI and its role in combating money laundering, we will delve into several key aspects, including:

• Balancing the operationalization of AI in AML with privacy and data protection

• How FINTRAC is increasing reliance on AI

» Best practices for using AI to scan for suspicious transactions

» How FINTRAC is leveraging AI to improve collaboration with financial institutions

• Leveraging AI to cut costs and drive efficiencies

• Navigating the risks, capabilities, and limitations of AI

• Top questions to ask when comparing AI tools from different vendors

• Identifying the value and use of AI in transactions monitoring

3:15 pm Networking Break

3:30 pm

New Reporting Entities Under the PCMLTFA: Exploring Expanded Sector Regulations Related to

Real Estate,

Including Armored Car Services, Mortgage Lenders, Mortgage Brokers, Private Lenders, and Title

Insurers

Microphone-alt Mitchell A. Flagg, Crown Counsel, Serious Fraud Office/Complex Prosecutions Bureau, Ministry of the Attorney General

Jacqueline Shinfield, Partner, Blake, Cassels & Graydon LLP

Moderator: Christopher Rhone, Detective, Provincial Asset Forfeiture Unit, Ottawa Police Service

On February 18, 2023, draft regulations proposing amendments to the PCMLTFA were published, initiating a 30-day consultation period. Among various proposed alterations, mortgage lending entities (such as lenders, brokers, and administrators) as well as armoured car companies would be brought under the purview of the anti-money laundering (AML) and antiterrorist financing (ATF) obligations outlined in the Act and its associated regulations. During this panel discussion, we will explore:

• Exploring the implications and requirements for newly added reporting entities in complying with AML and ATF obligations

• Examining the expansion of sector regulations to cover mortgage lenders and mortgage brokers

• Introduction of new AML obligations for armoured car companies

• The landscape of heightened penalties for illicit cross-border cash

4:15 pm

International

AML Trends and Threats Report: Exploring Risks Related to China, Russia, Iran, and North Korea in Canada’s AML and CFT Landscape

Microphone-alt Calvin Chrustie, Senior Partner, The Critical Risk Team

Garry Clement, Chief Anti-Money Laundering Officer, VersaBank

Sam Cooper, National Online Journalist, Investigative, Global News

John Boscariol, Partner, McCarthy Tétrault LLP

Moderator:

Dean Baxendale, President and Publisher, Optimum Publishing International

As Canada's financial institutions navigate an increasingly interconnected world, understanding the intricacies of these nations' financial activities is paramount to mitigating potential risks. During this panel, delve into the evolving risks posed by major global actors such as China, Russia, Iran, and North Korea within Canada's AML and CFT landscape as we explore:

• Analysis of evolving risks associated with China, Russia, Iran, and North Korea within Canada's AML and CFT landscape

• Examination of emerging trends and tactics employed by these nations in illicit financial activities

• Potential implications for Canada's AML and CFT efforts stemming from financial activities of these jurisdictions

• Recommendations for mitigating risks and strengthening AML/CFT measures in light of the findings regarding China, Russia, Iran, and North Korea

• Assessment of the impact of international AML trends and threats on Canada's financial institutions and regulatory framework

5:00 pm

Day 1 Adjourns to Networking Cocktail Reception

MAIN CONFERENCE DAY 2

Thursday, June 6, 2024

8:00 am Networking Breakfast and Registration

9:00 am

Opening Remarks from the Co-Chairs

Microphone-alt Ana Folgar, Manager, AML, Global Wealth Management, Scotiabank

Khaled Shoeb, MFAcc, CFE, AVP, AML & Financial Crime RiskCanada & Latin America, Wells Fargo

9:10 am Department of Finance Canada Keynote Insights and Updates on the 5-Year PCMLTFA Review and Consultation on Strengthening Canada’s AML and ATF Regime

9:45 am

Erin Hunt

Director General, Financial Crimes and Security Division Department of Finance Canada

Cryptocurrency Scams and Cyber Fraud Trends in Money Laundering: The Latest in Romance Scams, Pig Butchering, and Navigating the Crypto Investment Fraud Landscape in Canada

Microphone-alt Torstein Braaten, Chief Executive Officer and Chief Compliance Officer, Coinsquare

David Coffey, Detective - Financial Services Unit, Toronto Police Service

Nolan Fuller, Attaché, IRS Criminal Investigation, United States Embassy - Ottawa

Craig Hicks, Civilian Criminal Investigator, RCMP

John Wojcik, Associate Programme Officer, Organized Crime Analysis & Threat Monitoring, United Nations Office on Drugs and Crime (UNODC)

Moderator:

John Armit, Acting Detective Sergeant | Anti-Rackets Branch (ARB), Ontario Provincial Police

Cryptocurrency scams and cyber fraud trends have become increasingly prevalent avenues for money laundering, presenting novel challenges in Canada's financial landscape. This panel discussion explores the latest manifestations of fraudulent activities, including romance scams and the peculiar "pig butchering" schemes, within the cryptocurrency domain. As perpetrators continually adapt their tactics to exploit digital platforms, understanding and navigating the evolving crypto investment fraud landscape is crucial for financial institutions and law enforcement agencies alike. During this critical discussion, we will explore:

• Examination of the rise of romance scams and "pig butchering" schemes as emerging trends in cryptocurrency fraud

• Analysis of the techniques employed by criminals to launder money through cryptocurrency channels

• Exploration of the challenges faced by financial institutions in detecting and preventing cryptocurrency-related fraud and money laundering

• Discussion on the role of regulatory bodies and law enforcement agencies in combating cryptocurrency scams and cyber fraud

• Recommendations for enhancing cybersecurity measures and regulatory frameworks to address the evolving threat landscape posed by cryptocurrency-related illicit activities

10:45 am Networking Break

11:05 am Fighting Modern Slavery by Identifying Human Trafficking-Related Money Laundering Indicators and Strengthening Law Enforcement Collaboration in the Emerging Next Chapter of Human Trafficking

Microphone-alt Umair Azam, Legal Counsel, Canadian Bankers Association

Jim Cruess, Senior Litigation Counsel, Ontario Securities Commission

Richard Dunwoody, Founder, Project Recover 2019

Silvija Krupena, Director of Financial Intelligence Unit (FIU), RedCompass Labs

Gregory Vandekerckhove, Detective Constable, Human, Trafficking Enforcement Team, Toronto Police Service

Moderator:

Rita Trichur, Senior Business Writer and Columnist, The Globe and Mail

In the modern global landscape, financial institutions serve as crucial gatekeepers in the fight against illicit activities such as human trafficking and money laundering. As transnational criminal organizations and terrorists continually evolve their tactics, it becomes imperative for financial institutions to stay vigilant and adapt to emerging red-flag indicators. This panel discussion will delve into the latest strategies employed by these nefarious groups in Canada and the US, exploring the intersection of financial crimes and human trafficking. During this panel, we will explore:

• Identifying red-flag indicators of human trafficking for financial institutions

• Exploring the latest money laundering tactics used by transnational criminal organizations and terrorists in Canada and the US

• Examining information-sharing efforts among federal agencies in Canada

• Utilizing data technology to detect trafficking-related suspicious activities

• Collaborating with law enforcement agencies to support money laundering investigations and prosecutions

• Exploring the use of shell companies in Canada to launder money

12:00 pm Networking Luncheon

1:00 pm FIRESIDE CHAT KEYNOTE with Bank of Canada Guidance on the RPAA: How MSBs, PSPs, and the Financial Institutions that Bank Them Should Prepare for Canada’s New Retail Payments Regime

Gabriel Ngo Director, Enforcement, Retail Payments Supervision Bank of Canada

Moderator: Ana Folgar, Manager, AML, Global Wealth Management, Scotiabank

The PCMLTFA and RPAA seek to regulate overlapping activities—those defined as a money services business, and retail payment activities of a payment service provider, respectively. This panel will examine similarities and differences in these definitions, and what each statue requires of these entities beyond registration. Most MSBs will face significant and different compliance obligations under the PCMLTFA and the RPAA During this panel, we will explore:

• Understanding where the PCMLTFA and RPAA regimes intersect for PSPs and how to ensure compliance with both

• Understanding the scope of the new regulations

• Preparing for registration requirements under the RPAA that will come into force on November 1, 2024

• Insights into how the BOC interprets its mandate in respect of who is subject to the RPAA and it casts the BOC’s regulatory net very broadly

• New requirements for PSPs that hold client funds, and the implications for FIs who offer deposit accounts to these entities

1:30 pm AI in AML | PART II

Navigating AI Risks and Deep Fakes in the Fight Against Money Laundering:

Protecting Your Organization from the Rise of AI-Generated

Microphone-alt Shahram Ghahremani, Machine Learning Engineer, Financial Crimes, York University

Threats

Moderator: Joseph Iuso, Head of Global Regulatory Affairs, KYC2020

As organizations increasingly turn to AI to bolster their AML efforts, navigating the risks posed by AI-generated threats, including deep fakes, is critical. Deep fakes, AI-generated images, videos, or audio recordings, pose significant challenges in verifying the authenticity of financial transactions and detecting fraudulent activities. In the current landscape, it is essential for organizations to implement robust strategies to protect against these emerging threats while harnessing the benefits of AI technology in their AML frameworks. During this panel, we will explore:

• Implementing advanced authentication and verification mechanisms to mitigate the risk of deep fakes in financial transactions

• Enhancing AI models with anti-spoofing capabilities to detect and prevent fraudulent activities related to illicit finance

• Conducting regular training and awareness programs for employees to recognize and respond to AI-generated threats effectively

• Collaborating with industry peers and regulatory authorities to share best practices and insights on mitigating AI-related risks in AML

• Top questions to ask when comparing AI tools from different vendors

• Investing in cutting-edge technologies and solutions specifically designed to detect and counteract deep fakes and other AI-generated threats in the financial sector

2:00 pm

Navigating Online Gambling in a Post-Cullen World: Convergence of Online Gambling, Sports Betting and Financial Crime Across Canada

Microphone-alt

Kevin deBruyckere, Director, AML & Investigations, Legal, Compliance, Security, British Columbia Lottery Corporation (BCLC)

Jason Ho, Associate Vice President, AML and Sanctions Advisory, TD

Derek Ramm, Global Head of Advisory Services, Kinectify

Moderator:

Will Hill, Executive Director, Canadian Lottery Coalition

In the wake of the Cullen Commission's inquiry into money laundering in British Columbia's casinos, navigating the landscape of online gambling has become increasingly complex, particularly with the convergence of online gambling, sports betting, and financial crime across Canada. Join this panel discussion as we delve into the challenges and opportunities presented by the evolving online gambling sector, examining the intersections with sports betting and the potential implications for financial crime prevention efforts.

During this panel discussion, we will explore:

• Strategies to address emerging risks and vulnerabilities in the digital realm

• Analysis of the impact of the Cullen Commission's inquiry on the online gambling sector in Canada

• Exploration of the convergence between online gambling, sports betting, and financial crime in the digital realm

• Examination of regulatory frameworks and challenges in overseeing online gambling activities across different province

• The role of financial institutions in detecting and preventing financial crime associated with online gambling

• Recommendations for enhancing collaboration among regulators, financial institutions, and law enforcement agencies to address emerging risks in the online gambling landscape

3:00 pm Networking Break

3:15 pm

Redefining Your Risk Strategy: Best Practices for Conducting a Comprehensive Risk Assessment to Identify Gaps in Your AML Program

Microphone-alt Ana Folgar, Manager, AML, Global Wealth Management, Scotiabank

Khaled Shoeb, MFAcc, CFE, AVP, AML & Financial Crime RiskCanada & Latin America, Wells Fargo

Fara Francois Sim, Chief Anti-Money Laundering Officer, CITCO Bank Canada

Emily Zheludev, Head of Canada Financial Crimes Compliance, Stripe

Moderator:

Andres Betancourt, VP AML, Sanctions, Internal Audit & Internal Controls, PNC

Redefining your risk strategy necessitates a thorough and comprehensive risk assessment to identify gaps in your AML program. This entails not only understanding the inherent risks associated with your business operations, but also staying ahead of evolving regulatory requirements and emerging financial crime trends. A robust risk assessment framework should encompass a holistic approach that considers factors such as customer profiles, transaction volumes, geographical risks, and product/ service offerings. By conducting regular and systematic risk assessments, organizations can proactively identify vulnerabilities in their AML program and implement targeted measures to mitigate risks effectively.

During this panel discussion, we will explore:

• Comprehensive evaluation of inherent risks associated with business operations and financial services

• Staying updated on evolving regulatory requirements and emerging financial crime trends with a risk-based approach

• Regular and systematic risk assessments to proactively identify vulnerabilities in the AML program

• Implementation of targeted measures to mitigate identified risks effectively and ensure compliance with regulatory standards

4:00 pm

Case Study on IWT — Project Anton: Disrupting Illegal Wildlife Trade through Innovative International Public-Private Partnerships

Microphone-alt Duncan Halverson, Director, AI/ML Research and Special Projects, Financial Crime, Scotiabank

Brendan King, Intelligence Analyst, Wildlife Justice Commission

Joseph Mari, Director, Anti-Money Laundering Financial Intelligence Unit (AML FIU) Global AML, Scotiabank

Patrick Moreau, Team Lead, Terrorist Financing, Threats, International Unit, FINTRAC

Moderator:

Cameron Field, Vice President, VIDOCQ

By bringing together governments, law enforcement agencies, conservation organizations, and technology companies, Project Anton represents a collaborative approach to combatting the illicit trafficking of wildlife. This initiative leverages advanced technologies and data analytics to enhance surveillance and enforcement efforts, targeting key nodes in the illegal wildlife supply chain. Through strategic coordination and information sharing, Project Anton aims to dismantle criminal networks involved in IWT while also addressing the root causes of wildlife crime.

During this session, we will explore:

• Overview of Project Anton's collaborative framework involving governments, law enforcement, conservation groups, and technology firms

• Utilization of advanced technologies and data analytics to enhance surveillance and enforcement against illegal wildlife trade

• Targeting key nodes in the illegal wildlife supply chain to disrupt criminal networks engaged in IWT

• Strategic coordination and information sharing among stakeholders in combatting wildlife crime

• Addressing underlying factors contributing to illegal wildlife trade

5:00 pm

Closing Remarks from the Co-Chairs and Conference Adjourns

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The duration, content and speakers. Great learning for me. I am taking a number of deliverables.

– CCO, CAMLO, CPO AND VP, HABIB CANADIAN BANK

Good conference, well organized, good content, especially the presentation of AML compliance across various sectors.

– MANAGER, ANTI-MONEY LAUNDERING, FIRSTONTARIO CREDIT UNION

EARN CPD CREDITS

Legal Accreditation

This program can be applied towards 10.00 hours of annual Continuing Professional Development (CPD) required by the Law Society of Upper Canada.

Members of the Law Society of Saskatchewan seeking accreditation for an out of province activity are requested to submit the CPD Activity Application Form and agenda directly to the LSS for approval. The form is available on the LSS Website.

The same number of hours may be applied toward your continuing legal education requirements in British Columbia.

The Barreau du Quebec automatically recognizes the same number of hours for this training activity, the latter having been accredited by another Law Society subject to MCLE.

Attendance at this program by members of the Law Society of Alberta may be submitted to the Law Society for Continuing Professional Development credits.

C5 celebrates 40 years of excellence! We are thrilled to have provided exceptional conference experiences globally with our outstanding team, speakers, sponsors, partners, and attendees. To mark this milestone, we're launching a new logo which represents our commitment to innovation, growth, and excellence, represented by the five Cs of C5: Current, Connected, Customer-Centric, Conscientious, and Committed.

Looking back on 40 years, we are grateful for our achievements—hosting global conferences, uniting industry leaders, and supporting business growth. However, we are not done yet! We are committed to pushing boundaries and creating impactful experiences and we're excited for the next 40 years of success.

Upcoming Events

With conferences in the United States, Canada, Latin America and Europe, the C5 Group of Companies: American Conference Institute, the Canadian Institute, and C5 Group, provides a diverse portfolio of conferences, events and roundtables devoted to providing business intelligence to senior decision makers responding to challenges around the world.

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BUILDING VENUE INFORMATION

One King West Hotel & Residence

1 King Street West Toronto, Ontario M5H 1A1

Phone: 1-866-470 KING (5464) or 416-548-8100

ACCOMMODATIONS

The Canadian Institute is pleased to offer our delegates a limited number of hotel rooms at a negotiated rate. To take advantage of these rates, please call the hotel directly and quote "The Canadian Institute AML Financial Crime" rate.

Please note that the guest room block cut-off date is May 20, 2024. After that date OR when the room block fills, guestroom availability and rate can no longer be guaranteed.

and

If you are unable to attend for any reason, you will have the following options:

y A full credit note for you, or a colleague to attend another event.

y A full refund.

All cancellations and changes must be submitted to CustomerService@CanadianInstitute.com by May 24, 2024

**Team/group registrations must be from the same organization/firm and register together in one transaction.