A Road Map for Complying with Money Laundering Policy

About Business Crimes (ABC) Solutions Inc., in collaboration with CCH Canadian, has created a Web-based resource to educate companies and their front-line workers on the Canadian federal government's money laundering regulations.

CCH Canadian, a leading provider of business and tax law information, is the exclusive agent for the sale and distribution of the Online Education Centre. The service is located at www.moneylaundering.ca.

The Challenge

To combat the problem of money laundering, the Canadian government implemented Bill C-22 in June of 2000. Under this legislation, the Canadian federal government drafted more than 1 million professionals and staff from various business sectors to assist in the fight against money laundering.

Failure to comply with the regulations could result in severe penalties, a maximum of 5 years in jail and/or $2 million in fines.

Consequently, many businesses are scrambling to understand the new guidelines and wondering what they need to do to comply.

The Answer

"Updated daily, the Online Education Centre brings together the knowledge of diverse experts with considerable experience in identification, control and prosecution of money laundering practices," explained Chris Walker, a criminologist who founded ABCsolutions to assist the business community with regulatory compliance programs mandated by legislation.

ABC established the Money Laundering Web site to provide the definitive resource for legislation compliance in various industry sectors. Anyone who handles large cash transactions--lawyers, accountants, banks, life insurance companies, credit unions, money exchanges, check cashing services, investment counselors, money transmitting services, securities dealers, realtors, casinos, etc.--needs to ensure they comply with Bill C-22, which includes a number of new proactive compliance and expanded diligence requirements.

Walker said ABC helps companies helps companies respond to four areas of compliance:

The appointment of a compliance officer with access to senior executives.

The development of policy and supporting procedures that reflect the impact of the Act on an operation.

Training of all staff, including new employees and ongoing training.

A full review of the entire compliance, regime including testing.

ABC recommends a review every 12 to 18 months.

Access to the general site for Money Laundering is free to all, but only subscribers can access the Online Education Centre, where they can receive unlimited access to training and policy procedures; education materials, including money laundering 101; typologies and case studies; access to government resources, including the full legislation, international and anti-terrorism section; a communications center with online documents, a news section, access to experts and a public relations center that provides help with communicating a program; and a subscription to The Business Crime Solution, a monthly journal covering the Canadian money laundering scene.

Walker summed up the need for these services. "Compliance can be onerous," he said. "With access to the Online Education Centre, many companies can take control of the task in an effective manner."