Understanding Money Laundering & Terrorist Financing Risk (A Risk Assessment Process)

FINTRAC Compliance Program requirements identify five elements that must be in place to meet your legislative requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its supporting Regulations. 

These five elements are key to any effective system of internal controls. A well-designed, applied, and monitored program will provide a solid foundation for compliance with the legislation.

To be effective, a risk assessment methodology must be part of an overall process to address risk. This training program stresses the importance of treating risk as part of a greater whole and not as a stand alone element separate from the other four compliance regime elements. All elements must focus on internal controls to minimize the risk of loss resulting from inadequate or failed internal processes, controls, products, geography, people, or from external events. 

It is important when writing policies and procedures, undertaking a risk assessment, implementing risk mitigation controls and monitoring processes that your organization’s risk profile has been determined. You cannot effectively respond to ML/TF events unless you have a clear understanding of your inherent risk, risk appetite, risk tolerance and residual risk.

This course will guide you through a four-step process of continuous improvement that includes:

• preparation and assessment of risks;
• implementation of controls to mitigate risks;
• monitoring the performance of these controls; and
• response to defects in the controls.

Upon successful completion of Understanding Money Laundering & Terrorist Financing Risk: A Risk Assessment Process, you will receive:

• a certificate of program completion documenting your understanding of the stages of the risk assessment process and their application.
• 10 CAMLI Continuing Education (CE) hours that can be used for qualification or maintenance of CAMLI designations.