Anti-money laundering and terrorist financing in Canada

Money laundering and terrorist financing remains a trillion-dollar global challenge. While the financial services industry persists and adapts, Canada is far from secure today, and is vulnerable to the increasingly sophisticated methods used by financial criminals. This drives multiple negative societal outcomes, including unaffordable housing, expanded criminal activity, and growth of political and religious extremism.

Regulatory efforts driven through the public sector continue to refine legislative frameworks to combat financial crimes such as money laundering and terrorist financing, but more innovation and cooperation is needed, especially amongst private and public sector players.

To combat the problem, we need to invest in the design of collaborative operating & governance models, embed emerging technologies (e.g., AI, privacy-enhancing techniques) into our proactive & defensive toolkit, and shift from a compliance to an enforcement mindset.

Deloitte, for one, intends to soon launch a series of forums for leaders to discuss the way forward. We encourage all interested parties to act as well.

Read the full article to explore an in-depth look at anti-money laundering and terrorist financing in Canada.