News

December 10, 2014 - 2014 Fall Conference Summary and Feedback

Hi everyone!

Our second annual Fall Conference was a success, and we thank you all for coming!

We wanted to share with you a quick summary of the event, including our participants, the results of our survey and other feedback:

This year's participants:

  • 161 registered attendees including:

    • 96 members, 65 non-members

  • 121 companies represented including;

    • 77 MSBs, registered with FINTRAC

    • 27 businesses associated with MSB industry (consulting, etc.)

    • 6 law firms

    • 4 banks (BMO, Luminus, DC Bank, Continental Bank of Canada)

    • 2 accounting firms

    • 2 government agencies (FINTRAC, OSC)

    • 2 non-profit organizations (ATMIA, CFIB)

    • 1 unnamed startup company

Survey Results:

Please list the top 5 of your most pressing concerns/issues/problems running your business.

These are listed roughly in order of most to least frequent:

BANKING

  • General banking

  • Barriers to banking

  • Bank relationships

  • Risk of being de-banked

  • Acquiring a bank account

FINTRAC & GOVERNMENT LEGISLATION

  • Fintrac compliance - general

  • Ability to work with fintrac

  • Arbitrariness in fintrac examination policies

  • Regulations keep changing, constant updates, keep increasing

  • Restrictive policies because of MSB status

  • Fintrac rules keep changing

  • Not adequate time for compliance regulations

  • Fintrac procedure for non-face-to face identification

COMPLIANCE/AML/KYC

  • Cost of compliance

  • Compliance resources/training

    • Particularly training for when regulations change

  • Risk assessment (general)

  • Getting regulators to understand MSBs

SECURITY

  • Internet security

  • Being used for fraudulent transactions

RUNNING THE BUSINESS

  • Paperwork – too much time on compliance/records – not enough on business

  • Technology – competition from new technologies/using technology to be more efficient/which technology to use/etc

  • Staffing/finding quality employees

  • Client acquisition

OTHER

  • Digital currency

  • Political situation in Ukraine

Please suggest your top 5 topics for the 2015 CMSBA conference:

These are listed roughly in order of most to least frequent:

FINTRAC & GOVERNMENT LEGISLATION

  • Compliance (general, reporting, training, updates to what is required)

  • FINTRAC (updates/changes and how to keep up with them)

  • Advocacy – how can CMSBA/we have be more vocal with our regulators?

BANKS

  • Getting accounts, keeping accounts

  • General MSB banking info

BITCOIN

  • Bitcoin/cryptocurrency – general, future of bitcoin,

TECHNOLOGY

  • New technology/software/systems to use (specifically to help with compliance)

CMSBA

  • How the association is helping its members – advocacy committee achievements

MSBs – UNITY/SHARING OF RESOURCES

  • Tips for new MSBs

  • Testimonials from different MSBs on what helped them – general sharing of information/increasing “community”

CYBERSECURITY

  • General

  • Fraud/identity theft

AML/KYC

  • Transaction monitoring

  • Effective risk assessment strategies

Thank you to all of our members for your feedback and for joining us. Looking forward to seeing you all next year!

To view this in a PDF format, please contact info@canadianmsb.org