Resolution Inc. to help EY Canada combat financial crime
By CS Staff
Financial institutions face emerging risks, new compliance requirements in new year
By CS Staff
EY Canada has welcomed Montreal-based Resolution Inc. to the firm to enhance its national anti-money laundering (AML) and counter terrorism financing (CTF) services.
“Financial crime is on the rise and compliance requirements are shifting for Canadian financial services companies as more products and services continue to move online in response to COVID-19,” said Linda Williams, EY Canada managing partner, consulting, in a prepared statement. “Navigating this increasingly complex environment will require companies to embrace more business and data intelligence. We’re excited to join forces with Resolution to offer our clients just that.”
Difficulty executing conventional customer due diligence measures coupled with threat actors hunting for vulnerabilities in digital systems has increased AML, cyber, fraud and physical security risks for financial services organizations.
“Threat actors targeting one area of financial crime are often active in others — unknown to many financial services organizations working in silos,” said Jean-François Isabelle, partner at Resolution Inc. “Together with EY, we’ll help our clients approach financial crime holistically to not only address the technological and regulatory aspects, but also the responsibilities, processes and the implementation of data-driven systems.”
On top of facing formal regulatory reviews, financial institutions are having to navigate continuously evolving regulations — such as amendments to the Proceeds of Crime and Terrorist Financing Act that will come into force June 2021.