News

April 14, 2015 - Vancouver Training Session Survey Results

On April 14th, 2015, CMSBA hosted our 2nd training session at UBC Robson Square - Vancouver, BC. It was a cozy event with just under 30 attendants. Below are the survey results from the session:

Section 1: Multiple Choice and Yes/No Questions

Section 2: Most Pressing Concerns and Issues Members Face with Regard to Their Businesses:

    • De-risking (4)
    • Banking relationships (3)
  • Opening bank account
  • Changes in banking procedures

  • Compliance questions to clients break down trust, making it hard to gain new clients (2)

  • Not accepting Cash
  • Culture of compliance (2)
    • Cost for ongoing reviews (2)
    • FINTRAC/AML Compliance/Review
    • Tech support for reporting to assist monitoring/audit
    • Global compliance regulations (many different ones)
  • Procedures and Training
    • Ongoing training
    • Managing documentation
    • Organizing client profiles
    • The 2 transactions or more
    • Detecting suspicious transactions
    • Filing Suspicious Transaction Reports
  • Keep track of regulatory changes in all relevant areas

Section 3: Suggested Topics for Future Sessions

  • Culture of Compliance for MSBs
    • FINTRAC Compliance (2)
    • Bank compliance
    • Global Compliance and handling multiple regulators
    • FINTRAC Findings – Usage of Info
  • De-risking (2)
  •  Money laundering trends and typologies
  • Suspicious Transaction Reports
  • Risk Assessments
  • EDD – Policies and Procedures
  • Money Remittance Providers
  • CMM
  • External Review
  • Ongoing Training and Monitoring
  • Opening a Bank Account
  • Building Client Trust

Section 4: General Comments

"I joined/attended to see/hear what MSBs have to go through on a daily basic and see their challenges. I found it very insightful."

"Some PowerPoint presentations are with small fonts that made it difficult to read and understand."

"It was a great training session for all compliance requirements."

“All presentation were very informative, however some of the slides had a lot of information that were not easy to read."

“Thank you for all your work and effort in this CMSB Association. Hope to see you in October 2015."

“FINTRAC should provide a program that addresses all the FINTRAC requirement to make it easy and for particularly small businesses so we all have level playing field. The cost for small business is very expensive and we as an association should canvass the government to provide this program since they want us to comply with their regulations. This would reduce the MSB risks.”