Financial institutions face emerging risks, new compliance requirements in new year
EY Canada is pleased to welcome Montreal-based Resolution Inc. to the firm today to enhance its national anti-money laundering (AML) and counter terrorism financing (CTF) services.
“Financial crime is on the rise and compliance requirements are shifting for Canadian financial services companies as more products and services continue to move online in response to COVID-19,” says Linda Williams, EY Canada Managing Partner, Consulting. “Navigating this increasingly complex environment will require companies to embrace more business and data intelligence. We’re excited to join forces with Resolution to offer our clients just that.”
Difficulty executing conventional customer due diligence measures coupled with threat actors hunting for vulnerabilities in digital systems has increased AML, cyber, fraud and physical security risks for financial services organizations.
“Threat actors targeting one area of financial crime are often active in others — unknown to many financial services organizations working in silos,” says Jean-François Isabelle, Partner at Resolution Inc. “Together with EY, we’ll help our clients approach financial crime holistically to not only address the technological and regulatory aspects, but also the responsibilities, processes and the implementation of data-driven systems.”
On top of facing more formal regulatory reviews, financial institutions are having to navigate continuously evolving regulations — such as amendments to the Proceeds of Crime and Terrorist Financing Act that will come into force June 2021.
“Resolution’s team of multidisciplinary professionals from finance, legal and technology will help us to address the challenges our financial services clients face when combatting financial crime and meeting regulatory compliance requirements,” says Mario Schlener, EY Canada Financial Services Risk Management Leader. “As we welcome Resolution to our team, we look forward to helping our clients build a more agile, efficient and resilient approach to financial crime compliance — enabling them to recover faster and stronger.”