For our Canadian TLC customers, additional updates have been made to the AML02: AML Basics course due to the FINTRAC operational alert issued January 21, 2018. The alert was issued for financial institutions to assist in the detection and prevention of money laundering related to the illegal trafficking of Fentanyl. The update includes enhanced suspicious transaction reporting and known indicators to assist in recognizing illegal activities associated with money laundering and drug trafficking.
AML02 was also updated with additional information regarding credit cards. As many Canadian credit unions are moving from CUETS Financial to Collabria as their credit card provider, CU Training has added information in the AML Basics course regarding FINTRAC’s regulations for credit card applications and accounts.