The financial crime landscape has been changing largely due to the introduction of digital technologies. These new technologies have created new opportunities to criminals in laundering proceeds of crime. Professional accountants are considered "gatekeepers" of the financial system and as such, they have a huge responsibility to detect and deter money laundering and terrorism financing activities. By the nature of the services that they offer, accountants are susceptible to money laundering and terrorism financing risks.
To strengthen Canada’s anti-money laundering regime and address emerging challenges in the fight against money laundering and terrorism financing, several new amendments to the regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) came into force recently. These changes affect all reporting entities including Accountants and accounting firms.
Some of the amendments that impact Accountants and accounting firms include;
Global Economic Sanctions Training
The Russian invasion of Ukraine has led to various sanctions issued against Russia including sanctions issued by Canada under the Special Economic Measures Act. These sanctions impose: (i) asset freezes and dealings prohibition on designated individuals and entities; and (ii) restrictions in the provision of certain services to sanctioned entities and individuals.
Sanctions compliance is a critical issue for professional Accountants. As such, accountants and accounting firms should be aware of the various types of sanctions and their compliance obligations. Accountants should also design effective controls to mitigate the risk of sanction breaches.
CPD- 3.5 Hours