Human trafficking is an urgent issue, today we begin to understand its impact in Canada, Guest Jinisha Bhatt brings valuable insights from her work in this field. The discussion, led by the CEO of an anti-money laundering company, unpacks the critical role financial professionals and companies play in identifying and combating human trafficking. The CEO shares their own journey in learning about this complex area, highlighting both personal and professional pressures to address human trafficking in a meaningful way.

Jinisha's expertise guides the conversation toward practical strategies for identifying financial red flags associated with human trafficking. This episode is a must-listen for compliance professionals and corporate leaders looking to deepen their understanding of the intersection between compliance and social responsibility. It calls for greater awareness and proactive measures to disrupt criminal networks profiting from human exploitation.

Key Takeaways:

- Human trafficking has significant implications for financial institutions that must detect and disrupt criminal activity.

- Anti-money laundering (AML) efforts are essential in combating human trafficking by identifying suspicious transactions and patterns.

- Collaboration across industries can enhance efforts to reduce trafficking and provide greater protections for at-risk individuals.

- Corporate leadership must embrace a commitment to social responsibility to address human trafficking effectively.

- Increasing awareness of human trafficking indicators among financial teams can lead to more effective interventions.

Guest Bio:

Jinisha Bhatt is an anti-financial crime investigator operating at the critical intersection of Anti-Money Laundering (AML) and Human Trafficking (HT). She specializes in multi-jurisdictional crypto fraud and money laundering investigations, focusing on the profound human cost of financial crime. Drawn to the field by a strong belief that most crimes against humanity, society, and the environment are financially motivated, Jinisha sees her work as a way to make a meaningful impact on these issues.

Currently, Jinisha serves as a Compliance Consultant for key players in the digital asset and fintech sectors across the US and Canada. She leads extensive investigations into large-scale crypto fraud and pig butchering schemes and provides expert witness testimony. Her past experience includes contributing to the compliance efforts at Kraken Exchange, where she conducted financial crime investigations to satisfy regulatory requirements in the US, Canada, Australia, and the UK.

In addition to her investigative work, Jinisha runs an anti-human trafficking consortium in collaboration with Canadian law enforcement and private sector organizations. She conducts complex human trafficking investigations using publicly available data to identify victims and deliver actionable intelligence to law enforcement. Jinisha is also a frequent moderator, panelist, and speaker at forums dedicated to educating the industry on crypto compliance, AML regulations, and various financial crimes, including fraud, money laundering, and human trafficking.

Connect with Greg and ReallyTrusted at:

https://reallytrusted.com/

https://www.facebook.com/ReallyTrusted/

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As the mortgage sector navigates new FINTRAC regulatory requirements, dive into unique insights from the ReallyTrusted team, with insights from Catagay Sen and Taylor Cameron. With the recent expansion of FINTRAC oversight to mortgage brokers, both professionals share critical observations on challenges faced by designated individuals and principal brokers in implementing compliance measures. Taylor’s experience speaking to new and potential clients’ sheds light on common misconceptions, while Catagay offers a deep dive into the evolving, policy-specific concerns mortgage brokerages encounter. Together, they discuss the ways ReallyTrusted is helping client’s approach FINTRAC compliance with clarity and confidence, helping ensure these new requirements are met effectively.

This episode offers an essential look at the early days of FINTRAC’s regulations in the mortgage sector, uncovering valuable insights for brokerages looking to stay compliant and prepared.

Key Takeaways:

- Many mortgage brokerages face challenges understanding their role under FINTRAC regulations.

- Designated individuals often need help crafting policies tailored to new compliance standards.

- Misunderstandings are common around what data must be recorded and reported.

- Brokerages frequently underestimate the time and resources required for full compliance.

- ReallyTrusted provides tailored programs to help brokerages meet compliance requirements efficiently.

Connect with Greg and Really Trusted at:

https://reallytrusted.com/

https://www.facebook.com/ReallyTrusted/

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#FINTRAC #MortgageCompliance #RealEstateCompliance #RegulatoryStandards #ReallyTrusted #ComplianceManagement #BrokerageCompliance #KnowYourCompliance #FINTRACExpress

In this episode, host Greg Dent sits down with Chris Thompson, a former lawyer who now works in the provincial government's financial crimes capacity. They dive into the topic of Unexplained Wealth Orders (UWOs), a powerful tool in the fight against financial crime that has recently been introduced in Canada, starting with British Columbia.

Chris provides a comprehensive overview of UWOs, explaining that they are court orders that compel individuals to explain the source of funds for their assets, even without a criminal conviction. He highlights how UWOs are an important tool for law enforcement, as they help overcome the challenges of tracing complex financial transactions, particularly when it comes to organized crime.

The discussion explores the controversial aspects of UWOs, such as the lower standard of proof required compared to criminal convictions. This raises concerns about the presumption of innocence and the potential for abuse. However, Chris argues that there are safeguards in place, such as the need for court approval, and that UWOs are necessary to prevent criminals from living off the proceeds of their crimes.

The episode also delves into a case study of the successful use of UWOs in the UK, the Haji-Ioannou case, which demonstrates the effectiveness of this tool in addressing suspected proceeds of crime. Additionally, the conversation touches on the practical considerations and future directions for UWOs in Canada, as other provinces may follow BC's lead in introducing this legislation.

Overall, this episode provides a comprehensive understanding of Unexplained Wealth Orders, their importance in the fight against financial crime, and the ongoing debate around balancing law enforcement powers and civil liberties.

Key Takeaways:

· Unexplained Wealth Orders (UWOs) are a court order that compels individuals to explain the source of funds for assets, even without a criminal conviction.

· UWOs are an important tool in fighting organized crime and removing the proceeds of

crime, as they help law enforcement overcome challenges in tracing complex financial transactions.

· The lower standard of proof required for UWOs(reasonable grounds to suspect) compared to criminal convictions is controversial, as it raises concerns about the presumption of innocence.

· Effective implementation of UWOs requires a balance between empowering law enforcement and protecting civil liberties, with safeguards such as court approval.

· UWOs have been successfully used in other jurisdictions, such as the high-profile Haji-Ioannou case in the UK, and are now being introduced in Canada, starting with British Columbia.

Learn more about Christ at https://www.bcsc.bc.ca/guardians/meet-our-enforcement-staff-investigator-chris-thompson

Connect with Greg and ReallyTrusted at:

https://reallytrusted.com/

https://www.facebook.com/ReallyTrusted/

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In this episode of The KYC Podcast, host Greg Dent is joined by Zahra and Catagay from the ReallyTrusted team to discuss the intricacies of the Electronic Compliance Assessment Report (eCAR) - a crucial tool used by FinTRAC to assess compliance with anti-money laundering and counter-terrorist financing regulations. The conversation delves into the purpose and structure of the eCAR, the types of questions it encompasses, and the potential challenges reporting entities may face when completing this assessment. Importantly, the hosts highlight the opportunity the eCAR presents for proactive compliance, emphasizing the benefits of honesty and transparency when addressing any identified deficiencies.

Key Takeaways:

• eCARs are electronic questionnaires used by FinTRAC to evaluate the effectiveness of reporting entities' compliance programs and identify potential risks.
• The questions cover a wide range of topics, including business practices, transaction types, and the five pillars of a compliance program.
• Challenges may arise if the compliance program is not well-documented or if there are gaps in policies and procedures.
• Honesty is crucial when completing the eCAR - voluntary disclosure of non-compliance can be a valuable tool to address deficiencies.
• FinTRAC generally prefers a collaborative approach, providing opportunities for reporting entities to remediate issues and improve their compliance posture.

Resources:

• Contact the Really Trusted team for guidance on navigating the eCAR process and strengthening your compliance program.

Connect with Greg and ReallyTrusted at:

https://reallytrusted.com/

https://www.facebook.com/ReallyTrusted/

Thanks for listening

Thanks so much for listening to our podcast! If you enjoyed this episode and think that others could benefit from listening, please share it using the social media buttons on this page.

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Part 2 of "The Importance of Suspicious Transaction Reporting in Criminal Investigations": retired RCMP officer Stephen Scott shares a detailed case study that demonstrates how a single suspicious transaction report (STR) filed by a financial institution was crucial in unraveling a complex money laundering and organized crime investigation. The discussion highlights the importance of frontline reporting, the challenges in connecting the dots, and the significant impact that STRs can have in taking down criminal enterprises and seizing their illicit assets.

Key Takeaways:

• A high-level criminal target came to the attention of law enforcement after being shot, leading to a deeper investigation into his activities and assets.
• Despite no initial STRs being filed on the target, the investigation uncovered his lavish lifestyle and suspicious financial transactions, including a $1.6 million home purchase by a 23-year-old with no apparent legitimate income.
• A single STR on an $88,000 Lamborghini purchase led to the identification of a bank account, which then allowed investigators to trace a web of financial transactions and accounts connected to the criminal enterprise.
• The case underscores the importance of frontline reporting, as even small, seemingly insignificant transactions can be the key that unlocks a much larger investigation.
• The discussion emphasizes that money laundering is not just about cash transactions, but also the acquisition of assets and the concealment of the true beneficial ownership, which can occur in small towns and communities as well as larger urban centers.

Stephen Scott

Company: S Scott (AML) and Security Consulting

Email: stephenscott@sscottamlsconsulting.com

Bio

Stephen Scott is a former member of the RCMP and in 2017 through 2021 was an investigations and training consultant to the UNODC GPML in Southern Africa. While in the RCMP, Stephen worked in the Calgary Integrated Proceeds of Crime AML Unit, INSET and the IMET JSIU where he managed and conducted money laundering, asset forfeiture, organized crime and terrorist financing investigations for 24 years. As a member of the RCMP IPOC AML Unit Stephen served as the FINTRAC liaison, CBSA currency interdiction contact and the “gatekeeper” to the Alberta Justice Civil Forfeiture program. He was a designer and facilitator on the RCMP Advanced and Basic Proceeds of Crime / ML courses as well as a facilitator at the Canadian Police College for the National Expert Witness training and Drafting Information to Obtain search warrants courses.

In 2019/20, Stephen Scott served on contract as a sworn member of the Royal Cayman Islands Police Service Bureau of Financial Investigations conducting international money laundering and asset forfeiture investigations.

Currently, Stephen is a licensed Private Investigator in Alberta and is currently contracted to firms that conduct due diligence, background, OSINT and asset recovery investigations.

Connect with Greg and Really Trusted at:

https://reallytrusted.com/

https://www.facebook.com/ReallyTrusted/

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In this episode, Greg is joined by Stephan Scott, a retired RCMP officer with 31 years of experience in organized crime and money laundering investigations. Stephan provides a powerful perspective on the importance of suspicious transaction reporting, explaining how the information gathered by reporting entities like real estate professionals can be crucial in supporting criminal investigations. He shares gripping stories from his career to illustrate how money laundering is deeply connected to serious predicate crimes like drug trafficking and human trafficking. While individual suspicious transaction reports may not directly lead to arrests, Stephan emphasizes that they become part of a larger puzzle that investigators use to uncover criminal activity. He encourages reporting entities to file STRs whenever they have reasonable grounds to suspect suspicious activity, as this information can make a meaningful difference even if the individual impact is not immediately visible. Overall, this episode provides valuable insights into the real-world impact of compliance efforts and the critical role that reporting entities play in supporting law enforcement's fight against organized crime and money laundering

Key Takeaways:

• Money laundering is not just an abstract financial crime - it is closely tied to serious predicate crimes like drug trafficking, human trafficking, and violent organized crime.
• The information reported through suspicious transaction reports (STRs) and other financial intelligence can be crucial in informing and advancing criminal investigations.
• While individual STRs may not directly lead to arrests, they become part of a larger puzzle that investigators use to uncover criminal activity.
• It is important for reporting entities like real estate professionals to file STRs when they have reasonable grounds to suspect suspicious activity, as this information can make a difference even if the individual impact is not immediately visible.
• FINTRAC, Canada's financial intelligence unit, analyzes STRs and other financial data to generate intelligence disclosures that are provided to law enforcement to support investigations.

About the guest: Stephen Scott

Stephen Scott is a former member of the RCMP and in 2017 through 2021 was an investigations and training consultant to the UNODC GPML in Southern Africa. While in the RCMP, Stephen worked in the Calgary Integrated Proceeds of Crime AML Unit, INSET and the IMET JSIU where he managed and conducted money laundering, asset forfeiture, organized crime and terrorist financing investigations for 24 years. As a member of the RCMP IPOC AML Unit Stephen served as the FINTRAC liaison, CBSA currency interdiction contact and the “gatekeeper” to the Alberta Justice Civil Forfeiture program. He was a designer and facilitator on the RCMP Advanced and Basic Proceeds of Crime / ML courses as well as a facilitator at the Canadian Police College for the National Expert Witness training and Drafting Information to Obtain search warrants courses.

In 2019/20, Stephen Scott served on contract as a sworn member of the Royal Cayman Islands Police Service Bureau of Financial Investigations conducting international money laundering and asset forfeiture investigations.

Currently, Stephen is a licensed Private Investigator in Alberta and is currently contracted to firms that conduct due diligence, background, OSINT and asset recovery investigations.

Email: stephenscott@sscottamlsconsulting.com

Connect with Greg and ReallyTrusted at:

https://reallytrusted.com/

In this episode, Greg delves into the real estate industry's ongoing struggles with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) compliance. Drawing from his extensive experience training thousands of real estate agents, Greg unpacks the unique challenges the sector faces in adhering to anti-money laundering and counter-terrorist financing regulations. He explores the industry's structural issues, misaligned incentives, regulatory pressures, and the need for a shift in the "tone from the top" to drive meaningful compliance.

Key Takeaways:

• The real estate industry's fragmented, small-business structure poses inherent challenges in implementing robust FINTRAC compliance programs.
• Misaligned incentives, where agents' sales-driven focus can conflict with compliance obligations, contribute to the industry's struggles.
• Regulatory changes and the "compliance squeeze" have overwhelmed many real estate brokerages, leaving them with limited bandwidth to prioritize FINTRAC requirements.
• Industry leaders' perceived indifference towards FINTRAC compliance has trickled down, leading some agents to believe that form-filling alone is sufficient.
• Targeted FINTRAC training and compliance support programs can help real estate brokerages better understand and fulfill their obligations, driving improved reporting and risk management.

Connect with Greg and ReallyTrusted at:

https://reallytrusted.com/

https://www.facebook.com/ReallyTrusted/

Thanks for listening

Thanks so much for listening to our podcast! If you enjoyed this episode and think that others could benefit from listening, please share it using the social media buttons on this page.

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Greg sits down with Zahra Sunderani, a seasoned expert in the Anti-Money Laundering (AML) sector, to discuss the critical role of adverse media in safeguarding businesses, especially in the real estate industry. They delve into the concept of adverse media, its importance, and practical approaches to implementing effective checks. Zahra shares compelling examples of how adverse media has uncovered significant criminal activities and discusses the broader implications for businesses.

Key Takeaways:

• What adverse media is and why it is crucial for businesses, especially in real estate, to monitor it.
• Addressing common concerns from professionals about the necessity and burden of conducting adverse media checks.
• Exploring the balance between necessary due diligence and potential overreach into clients' lives.
• Real life examples uncovered through adverse media and the ttool’s power in revealing hidden criminal activities.
• Understanding the financial implications of continuous adverse media checks and the necessity of budgeting for these essential activities.
• Insights into the evolving landscape of adverse media and the importance of staying informed and vigilant.

Connect with Greg and ReallyTrusted at:

https://reallytrusted.com/

https://www.facebook.com/ReallyTrusted/

Thanks for listening

Thanks so much for listening to our podcast! If you enjoyed this episode and think that others could benefit from listening, please share it using the social media buttons on this page.

Do you have some feedback or questions about this episode? Leave a comment in the section below!

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If you would like to get automatic updates of new podcast episodes, you can subscribe to the podcast on Apple Podcasts or Stitcher. You can also subscribe in your favorite podcast app.

Leave us an Apple Podcasts review

Ratings and reviews from our listeners are extremely valuable to us and greatly appreciated. They help our podcast rank higher on Apple Podcasts, which exposes our show to more awesome listeners like you. If you have a minute, please leave an honest review on Apple Podcasts.