Newly listed Terrorist Entity alert 🚨 You are going to want to read this update as this impacts a variety of entities and businesses subject to Anti-Money Laundering regulations.
Recently, Public Safety Canada named the transnational criminal organization Bishnoi Gang as a listed Terrorist Entity under the Criminal Code of Canada.
Criminal organizations like the Bishnoi Gang threaten the security and safety of the nation and our citizens - and much of the reason why they can operate and proliferate is due to the flow of illicit money that funds their day-to-day illegal operations.
FINTRAC is emphasizing their enforcement of Sanctions related offences more than ever to stop the illegal activities of Listed Terrorist Entities…. And you need to take note of the following compliance requirements 📝
✅ Suspicious Transaction Reports (STRs)
You must report any transactions (whether completed or attempted) where you have reasonable grounds to suspect Money, Laundering, Terrorist Financing or Sanctions evasion offences; and this applies to interactions with Listed Terrorist Entities - like the Bishnoi Gang.
✅ Compliance Program Updates.
FINTRAC requires you to keep your risk assessment and processes up to date for newly Listed Terrorist Entities. You must always ensure your company records are up to date with any new additions to this list.
And yes…it is expected that you comb through retroactive transactions and consider submitting reports as required.
✅ Prohibited Dealings
Reporting entities are prohibited from dealing in money or property owned or controlled by listed entities and from providing financial services that will benefit terrorist groups. As you can imagine, the threat of illegal activity via listed entities can span a variety of entities and industries including Financial Services, MSBs, Real Estate, Securities, Mortgage and more…
Get onside and reach out to one of our experts today to discuss how to incorporate or strengthen your sanctions compliance within your overall AML objectives. We have helped hundreds of clients nationwide be compliant and avoid enforcements - and you could be next!