Compliance outsourcing is a common practice for Canadian Money Services Businesses. Advapay Canada supports various MSBs and ensures they meet their business goals in compliance with legislation, best practices and regulatory requirements.
Our compliance-as-a-service package
Our services include, but are not limited to:
Appointing Advapay’s representative as a compliance officer
- Holding a compliance officer title
- Representing the company in communication with the regulator and business partners
- Approving reports that are submitted to the regulator
- Staying up to date with company’s business structure and operations
Customer screening
- Screening new customers against sanctions databases, adverse media, terrorist lists, etc.
- On-going monitoring of existing customers against sanctions databases, adverse media, terrorist lists, etc.
Transaction monitoring
- Monitoring transactions to identify potential money laundering/terrorist financing indicators
- Developing the rules for monitoring alerts
Writing and submitting reports to the regulator
- Identifying reportable transactions
- Writing and submitting:
- Suspicious transaction reports
- Terrorist property reports
- Electronic funds transfer reports
- Large cash transaction reports (if ever becomes applicable)
- Large virtual currency transaction reports (if ever becomes applicable)
Managing company’s profile on the regulator’s website
- Making changes to company’s information
- Updating lists of branches, agents, partners
Updating compliance policies
- Reviewing and updating compliance policies on a regular basis
- Keeping the document up-to-date with:
- Regulatory landscape changes
- New rules / directives from the regulator
- Requests from business partners
- Updates in internal compliance practices
- Updates in vendors, service providers
Employee training
- Developing semi-annual training programs for employees
- Testing employees’ knowledge using external LMS
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