Outlier Supports the Right to Business Banking and Highlights the Danger of De-Risking
North York, ON -- (SBWIRE) -- 11/19/2014 -- Countries around the world today are fighting against terrorism as well as money laundering. Canada is no exception and FINTRAC holds a very crucial position in the group of organizations that are involved in that fight. Skilled staff and automated tools are on a continuous duty for the purpose of extracting financial intelligence that is most relevant for investigation and prosecution of offenses related to money laundering, terrorist activities and threats to the country’s security. Today banks and banking service providers are highly regulated especially when it comes to knowing their customers and understanding their transactions.
In Canada, there are many Money Service Businesses and Digital Currency Businesses that offer great services and are helping Canada become a great Country, but are unable to access basic banking facilities. . Although, Outlier helps these MSBs build compliance programs, trainings, risk assessments and effectiveness reviews, the company cannot help these MSBs and digital currency businesses open bank accounts. These are genuine companies working in good faith but are deprived of banking facilities. Outlier, a company that offers anti-money laundering consulting services, supports the right to business banking and highlights the risk of de-risking.
MSBs and Digital currency businesses are generally seen as high risk account holders and subject to enhanced due diligence (where they are able to access banking services). While some banks do not offer any banking services to these companies, other banks offer accounts for higher fees for the purpose of maintaining accounts. Most businesses need a bank account to operate, but many companies cannot get the basic banking facilities. Outlier supports all those businesses who believe in the right to business banking and encourage all of them to contact their Member of Parliament, the Canadian Federation of Independent Businesses (CFIB) and the Canadian MSB Association (CMSBA) to learn more about the current initiatives.
To know more visit https://www.outliercanada.com/why-we-believe-in-the-right-to-business-banking/
Outlier Solutions Inc., https://www.outliercanada.com/ based at Ontario, Canada is a consulting firm that offers Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) solutions for reporting entities such as real estate, money services businesses, casinos, accountancy firms, financial services, digital currency, life insurance companies, securities dealers in Canada and the United States.
Outlier Solutions Inc.
Address: 163 Viewmount Avenue, North York, Ontario M6B1T5