Anti-money laundering and anti-terrorist financing controls framework
The Bank of Canada is committed to supporting a secure, stable and resilient financial system infrastructure. This includes applying a risk-based approach to detect and deter the use of the Bank’s services and delivery channels for illegal purposes.
To meet this commitment, the Bank has implemented a Financial Crimes Risk Management Program (FCRM Program).
This program is supported by a team of specialists who use analytics and innovative technology to keep informed on the latest anti-money laundering (AML) and anti-terrorist financing (ATF) sanctions, trends and typologies. These specialists also have professional experience to detect and deter suspected money laundering, terrorist financing and activities prohibited by sanctions.
While not a reporting entity under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, the Bank proactively complies with the spirit of the Act and its policies and procedures align with international standards to ensure controls are sufficiently robust.
The Bank’s FCRM Program includes the following:
- senior management oversight
- documented policies and procedures
- ongoing AML and ATF and sanctions awareness training for employees
- periodic risk-based due diligence and assessment of client relationships1
- ongoing monitoring of transactions and activity
- screening against terrorist and other sanctions watchlists
- reporting of prescribed transactions, as applicable
- assessment of money laundering, terrorist financing and sanctions risk
- independent testing of processes and controls
The Bank periodically assesses the FCRM Program to ensure controls and processes continue to meet its needs and are commensurate with the evolving financial crimes risk environment.