Outlier Solutions Inc.

Money Laundering Regulator to Release Policy Positions


North York, ON -- (SBWIRE) -- 12/05/2014 -- Outlier Solutions Inc., a premier Anti Money Laundering (AML) and Counter Terrorist Financing (CTF) consulting firm recently made a request under the Freedom of Information Act (FIA) with the Financial Transactions Reports and Analysis Centre of Canada (FINTRAC) for the agency's policy positions from 2008 to the present. Outlier's Founder, Amber D. Scott states "we were very open with FINTRAC about our intention to publish this content free on our site." adding "We believe that information should be free."

A policy position is a decision made by the agency about the application of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its enacted regulations. In essence, says Scott, policy positions have the power to inform Compliance Officers about what FINTRAC expects from them, and can include very technical guidance on specific issues that are beyond the scope of the general guidelines published by the agency.

Subsequent to their discussion with Scott, FINTRAC made the decision to release the information publicly via their own channels. In order to comply with the FIA, this must happen 90 days of the original request, which was submitted on September 22, 2014. For Canadian reporting entities, the publication of this information is a boon, providing insight into the viewpoint of the agency that enforces AML and CTF requirements. In the Interim, Outlier has published FINTRAC's obsolete policy positions on their blog - https://www.outliercanada.com/fintrac-to-release-policy-positions/

Scott explains, "Reporting entities may still be relying on policy positions that are no longer valid. As a Compliance Officer knowing that these interpretations have changed can be the difference between the success and failure of your compliance program. We hope that once the current policy positions are released, FINTRAC will also release updates when there are relevant changes. Ultimately, it's in Canada's best interest when Compliance Officers have up to date information on compliance expectations from FINTRAC."

Canadian reporting entities can expect to see the full set of policy positions some time in December of this year. It's not clear exactly how and when the information will be released, but Scott states that she has requested that information as well and will post relevant updates via Outlier's website as she receives the information.

About Outlier Solutions Inc.
Outlier Solutions Inc. (Outlier) is a Canadian consulting firm specializing in anti money laundering (AML) and counter terrorist financing (CTF) compliance. Outlier's model is focused on fixed-fee consulting services and oniline on demand products for Canadian reporting entities and technology providers. https://www.outliercanada.com

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Outlier Solutions Inc.
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