The AML Shop Launches New Financial Investigations Unit, Appoints Director to Lead the Initiative

Toronto, Canada (July 3, 2025) –  Today, The AML Shop announces the creation of a centralized Financial Intelligence Unit (FIU), a strategic initiative aimed at strengthening the fight against financial crime and enhancing support for its anti-money laundering (AML) clients.

The FIU brings together Canada’s elite tactical and strategic intelligence professionals, organized by area of specialization, and empowers them with efficient processes, robust quality controls, secure information-sharing protocols, advanced data sources, sophisticated investigative tools and targeted training.

Money laundering (ML), terrorist financing (TF), and sanctions evasion (SE) compromise the integrity of Canada’s financial system and the safety and security of all Canadians.  Criminals are increasingly using accessible artificial intelligence tools, decentralized networks, and professional enablers to conceal the proceeds from crimes such as fraud and fentanyl trafficking.

More than 24,000 Canadian businesses, including banks, fintechs, and credit unions, have a legislated responsibility to understand, assess, and respond to these evolving threats.  The AML Shop supports these businesses through expert-led managed services, leveraging a combination of technology and skilled intelligence analysts to detect, investigate, and prevent illicit financial transactions.  

The AML Shop is exceptionally pleased to announce that the new FIU will be led by veteran financial crime fighter Deanna Milne as its Director. She will be supported by Mark Ambrose, Principal, The AML Shop.

“We are thrilled for Deanna to join us as the Director of the Financial Intelligence Unit to support this groundbreaking, new department. Her expertise in leading operational risk teams in large financial institutions and neo-banks, and proven strategic leadership in complex regulatory matters, will help fulfill our mission of significantly upgrading services and skills and technology to help our clients better detect, prevent and deter money laundering and terrorist financing activities; ultimately with the goal of reducing their regulatory, legal and financial risk. Welcome to the team Deanna!” - Mark Ambrose, Principal, The AML Shop.

“As the Director of our newly launched Financial Intelligence Unit (FIU), I’m thrilled to help bring this bold new vision to life! The FIU is a fresh, forward-thinking initiative designed to level up how we tackle financial crime risk, intelligence-led monitoring, and regulatory readiness. We're setting the stage to become the go-to hub for sharp, high-quality investigations; the kind that make waves and raise the bar. As the first unit of its kind at The AML Shop, the FIU will be at the heart of innovation, collaboration, and smart compliance across the organization.” - Deanna Milne, Director, Financial Intelligence Unit, The AML Shop.

The FIU will support The AML Shop’s managed services and outsourced clients to better identify reportable transactions and assess their exposure to ML/TF/SE risks. Staffed with subject matter experts and supported by streamlined processes, advanced technology, and new opportunities for data sharing in a regulatory-compliant framework, the unit offers a coordinated approach to complex financial crime challenges. The team will also focus on assisting clients in understanding and fulfilling their sanctions obligations, helping to mitigate the risk of enforcement actions, including penalties issued by the AML regulator, FINTRAC.

The FIU’s functions will include The AML Shop’s Managed Enhanced Due Diligence (MEDD) for Higher Risk Entities program to help financial institutions vet and monitor their higher-risk entities in efforts to mitigate the risks they can pose.

To execute on this mandate, the FIU will draw on the expertise of top-tier AML professionals, supported by best-in-class, up-to-date training, curated and administered by The AML Shop’s Centre of Excellence.

This pioneering announcement comes at the helm of the expansion and success of The AML Shop’s evolution in the AML, counter-terrorism financing, sanctions compliance, and risk management space. Since The AML Shop’s inception in 2016, the firm has served hundreds of clients across Canada and abroad and expanded its team to more than 80 AML professionals, rapidly becoming Canada's leading business solution for financial crime risk management.

“We are elated to expand our offerings by announcing our new FIU and Deanna’s appointment.  Deanna has remarkable experience in translating complex regulatory frameworks into practical, scalable solutions and is the perfect fit in this next phase of evolution for The AML Shop. We are super excited for Deanna and her team to execute this forward-thinking, unified intelligence hub that’s both bold and built to last, delivering unparalleled services to our clients”.   - Monika Cywinska, Principal and Managing Director, The AML Shop.

 

About The AML Shop:

Our team of veteran compliance executives empower businesses with the most practical, informed, and strategic regulatory support services. Our goals are to help our clients manage their risks, maximize their opportunities, and achieve and maintain compliance.

We are Canada’s leading source for AML compliance solutions, serving clients right across the country, serving businesses across all sectors, and offering the widest breadth of AML and compliance services in the country.

We Help Keep FINTRAC Happy.

 

Learn more about The AML Shop:

Website

LinkedIn

 

Media/PR Inquiries:

Rayanne Lepieszo

Marketing Guru | The AML Shop

rayanne@theamlshop.ca

Beneficial Ownership Discrepancy Reporting for High Risk Entities - Starting October 1st, 2025

Beneficial Ownership Discrepancy Reporting for High Risk Entities Infographic

Beneficial Ownership Discrepancy Reporting is coming soon and you need to get ready for it! ⏳

Starting October 1st, FINTRAC reporting entities will now need to report any material discrepancy discovered when evaluating Beneficial Ownership Structures of high risk corporate clients and trusts. 

These discrepancy reports are to be made directly to Corporations Canada, via their website and will need to be made within 30 days of discovering the discrepancy, for high risk clients.

Like many things in AML, there are interpretations and nuances when it comes to figuring out what constitutes a material discrepancy and when risk is present. That’s why the safest bet is always to leave it to the experts! 🤓

Our AML team has helped numerous clients reduce the regulatory burden associated with beneficial ownership, using technology led approaches that minimize client friction. ✅

Reach out to us today at contactus@theamlshop.ca if you have any questions about these upcoming changes to your obligations or if you want to learn more about how We Help Keep FINTRAC Happy.

FINTRAC Generation 1 Reports to be discontinued as of June 30th, 2025

Here is a FINTRAC reporting systems update you will want to take note of. 

We have been informed that, effective June 30, 2025, FINTRAC will no longer accept 'add', 'change' or 'delete' Generation 1 (GEN1) reports. 

What does this mean for you? You will need to begin submitting Generation 2 (GEN2) reports starting July 1, 2025.  Our experience suggests that, depending on the type of transactions being reported, it may take up to 10 times longer to submit a GEN2 report versus a GEN1 report. So, please make sure that you adjust your expectations regarding the time it takes to file a GEN2 report.

Don’t have time to submit GEN2 reports?  Our team can set you up with a technology to help automate that process

Finally - what if you need to edit a GEN1 report? Or submit any backlog reporting? We’ve got you covered there too. 

Shoot us an email at contactus@theamlshop.ca to get started or if you have any questions about this latest announcement 

We Help Keep FINTRAC Happy. 

Retail Payment Activities Act Step-by-Step guides released by the Bank of Canada

New resource alert for PSPs 🎉

The Bank of Canada (BOC) has released two new step-by-step guides to help support PSPs and their obligations under the Retail Payment Activities Act (RPAA).

Here is everything you need to know (with links!):

🟧 Guide #1 deals with how to complete an incident notice.

PSPs are obligated to notify the Bank of Canada if they become aware of an incident that has a material impact on an end user, another PSP or clearing house.  Additionally, the PSP must notify any impacted entities or individuals if applicable. This step-by-step guide will walk you through the process of completing an incident notice in PSP connect and will provide information on the required information and supporting documents you must supply to the BOC.

🟧 Guide #2 outlines how to complete a notice of significant change or new activity.

As we have previously communicated to PSPs, before any retail payment activities happen or a significant change is made to a retail payment activity, PSPs must notify the Bank of Canada in advance. This step-by-step guide helps PSPs navigate how to submit a change or new activity through PSP connect and will help you ensure you have all necessary elements to fulfill your obligations.

RPAA compliance can be tough - let us show you how We Help Keep the Bank of Canada Happy. contactus@theamlshop.ca to get started!

Bank of Canada - Retail Payments Activities Act (RPAA) Supplementary Materials

Recently, the Bank of Canada released Supplementary Materials that can be consulted in parallel to the official Retail Payment Activities Act Guidance to help support PSPs. 📎

These resources include an overview of compliance obligations under the RPAA and RPAR, along with a list of questions to help PSPs assess and achieve requirements.

Operational risk and incident response: At a glance
Safeguarding of end-user funds: At a glance

The AML Shop currently works with over 30 companies with their RPAA programs, guidelines and registration. If you would like to work with us, email us at contactus@theamlshop.ca

AML and Mortgage Companies Series Part 2 - Assessing Individual Borrowers

Spring is in full swing and we are here again with another instalment of our Mortgage Series!

In our last post, we reminded Mortgage Companies that they are regulated by FINTRAC and have specific obligations to fulfill when it comes to their AML compliance, including implementing a compliance program.

Today we want to go a little deeper and discuss obligations when it comes to assessing individual borrowers.

For each individual borrower, mortgage companies need to:

🟠 Verify the borrower’s identity
🟠 Assess the borrower’s risk
🟠 Take reasonable measures to identify the involvement of any third parties
🟠 Take reasonable measures to determine the politically exposed status of the borrower
🟠 Keep a record of the purpose and intended nature of your relationship with the borrower
🟠 Conduct enhanced due diligence for high-risk borrowers

At The AML Shop, we have partnered with multiple broker and lending associations at both the Federal and Provincial level and continue to service over 75 providers.


If you are a mortgage company that needs help navigating AML, learn more here contactus@theamlshop.ca to get in touch with an expert.

In the next instalment of this series, we will discuss the steps to take to assess entity borrowers. Stay tuned for more.

Bank of Canada - Enforcement Process Update

By now, PSPs subject to the Retail Payment Activities Act (RPAA) should be well aware that they were to apply for registration with the Bank of Canada by November 15, 2024 🏦

Non-compliance under the RPAA, including failure to register, can result in an enforcement action by the bank.  If you did not apply by the deadline, you must apply immediately and at least 60 days before beginning any retail payment activities. 🚨

Additionally, the Bank of Canada recently updated its Enforcement Process policies when it comes to investigations due to non-compliance.

If you are a PSP or soon to be registered as PSP, you will want to take note of the following:

If an entity or PSP is in violation of the RPAA and an investigation has been initiated, the Bank of Canada may use a variety of communication methods to contact your entity, including by:

💌 emails (including encrypted emails)
🤳 phone calls
🚴🚚 sending notices by courier
💬 other methods of communication

So - keep your eyes tuned into all your communication mediums…as the Bank of Canada can find you in a variety of ways 😬 And if they do, The AML Shop will be waiting in the wings to help.

If you are the subject of an investigation or need help with registration or program documents, reach out to our team of RPPA experts. We currently help over 30 clients with their RPAA needs, helping them mitigate risk and achieve and maintain compliance.

contactus@theamlshop.ca to get started on your compliance journey.

AML and Mortgage Companies Series Part 1

Mortgage Companies - you now have significant anti-money laundering, counter-terrorist financing and sanctions responsibilities and should have protections in place.

If you haven’t done so yet, here are the steps you need to take to implement a compliance program:

🟠 Name a compliance officer
🟠 Document your anti-money laundering risk and management plan
🟠 Document your compliance policies and procedures
🟠 Document a training plan and deliver training to your staff
🟠 Conduct a review of the effectiveness of your program every 2-years

If you are a mortgage company that needs help with anti-money laundering, our dedicated team of mortgage and real estate experts can develop compliance programs that minimize the impact on client experience, while leveraging existing processes.

Reach out to an AML Mortgage expert today.

Cheque Cashers and Financing and Leasing and Factoring Companies - April 1, 2025

Don't forget - if you are a Cheque Cashing, Financing and Leasing or Factoring Company, you now face oversight from FINTRAC and are responsible for establishing a compliance plan, among other new processes.

Don't fall behind on these new and vital requirements for your business.

Non-compliance can be costly - get ahead of any potential penalties by hiring one of our AML compliance experts today. contactus@theamlshop.ca or fill in the form below to get started

Bank of Canada Update - Compliance Deadlines

We have some important Retail Payment Activities Act (RPAA) updates from the Bank of Canada that you will want to take note of.

First, The Bank of Canada wants to remind those registered under the RPAA of some important deadlines for compliance:

1. Requirements for Operational Risk and Incident Response and Safeguarding of End User Funds come into effect September 8, 2025. PSPs must be ready to comply by this date. The Bank of Canada has also stated that if there are any gaps, you should have a clear plan to resolve them.

2. Annual Reporting requirements will also come into effect September 8, 2025 with your first annual report being due in March 2026.

Second, there have been updates to the Administrative Monetary Penalties (AMPs) supervisory policy to clarify how penalties are determined. Changes and amendments include expanded guidance on the Harm that can result from violation of the law and added details to the Baseline level of Potential Harm that can result from a violation. You can read more about the AMP supervisory policy here.

And if you have any questions about this update or anything related to the RPAA, reach out to us and an expert will be in touch to discuss contactus@theamlshop.ca

Additional PCMLTFA updates

Last week we announced that Canada’s Department of Finance had recently accelerated the start date for Compliance Programs to be in place for various businesses including Cheque Cashers, Finance, Leasing and Factoring Companies.

In addition to this announcement, the following changes to the PCMLTFA were also highlighted. Please take note of the following important updates:

1.     Information Sharing: Using an approved Code of Conduct, enhanced information-sharing permissions and technologies will be enabled to help reporting entities detect and deter money laundering, terrorist financing, and sanctions evasion.
2.     Beneficial Ownership Discrepancies: Any discrepancies in reporting of Beneficial Ownership must be reported to the Corporations Canada Beneficial Ownership Registry starting October 1, 2025
3.     Increased Canadian Border Services Agency Powers: New regulations for reporting of goods and additional authorities have been announced to fight trade-based financial crime and will commence April 1, 2025

If you have any questions about these updates or need AML help, please contactus@theamlshop.ca and a compliance expert will be in touch.

Accelerated timeline for compliance announced for Cheque Cashers and Finance, Leasing and Factoring Companies

Get ready Cheque Cashers and Finance, Leasing and Factoring Companies - an accelerated timeline for establishing and implementing your compliance plan has been announced.

On March 7th, Canada’s Department of Finance announced regulatory amendments under the PCMLTFA (Proceeds of Crime, Money Laundering and Terrorist Financing Act) that included a coming into force date of April 1st, 2025 instead of the original proposed date of October 1st, 2025.

This means as of April 1st, you must initiate your registration with FINTRAC and implement compliance programs, which include a written risk assessment, written policies and procedures and KYC measures, having systems in place for transaction reporting, as well as keeping the appropriate records.

We can help your business get up to speed swiftly with FINTRAC registration as well as with getting your compliance program in line. Reach out to an AML Compliance expert today at contactus@theamlshop.ca and we will get back to you promptly to discuss!

Important Updates to the Criminal Code List of Terrorist Entities

In the Government of Canada's continuing efforts to address fentanyl and other proceeds that generate criminality in Canada, seven transnational criminal organizations were announced on February 20, 2025 as Terrorist Entities under the Criminal Code.  Read the list here

Additionally, we have received notice that FINTRAC would like to remind all businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to update their records with these newly listed entities. It is also imperative to review any past transactions and look to submit any potential terrorist property reports as required.  You may recall FINTRAC has provided guidance on reporting terrorist property to FINTRAC, which can be reviewed in full here

Under the PCMLTFA, businesses have an ongoing obligation to monitor Terrorist Entity listings in the Criminal Code. 

And as always, we know that navigating compliance can be tricky - but, our experts are here to help.  Reach out to us with any questions you may have and we will get you connected with an AML Advisor contactus@theamlshop.ca

FINTRAC EFT Reporting Update

We know that many of you have been struggling with EFT reporting Gen 1 transactions within the Gen 2 environment within FWR. FINTRAC has published guidance that provides support in reporting your backlog of transactions: 

https://fintrac-canafe.canada.ca/reporting-declaration/fwr/fwr-eftr-eng

 Some notable details from guidance for Gen 1 reporting are as follows:

  • If you are reporting a non-SWIFT transaction, create the report in the FWR system

  • If you are reporting a SWIFT transaction, use the batch upload feature within FWR

  • If you are reporting an outgoing EFT, use the initiation report

  • If you are reporting an incoming EFT, use the final recipient report

  • Field specific instructions are detailed within the guidance document

    • Mandatory fields are indicated with an * and are required fields

    • Mandatory where applicable fields have both an * and “if applicable” and are required if those fields apply to the transaction being reported

FINTRAC has announced that the deadline to report backlog reports is MARCH 31, 2025. FINTRAC has advised that non-compliance with the March 31, 2025 deadline may result in enforcement actions, including Administrative Monetary Penalties (AMPs), for late submissions that lack a valid justification. FINTRAC also advised that a Voluntary Self-Declaration of Non-Compliance (VSDONC) does not exempt you from these responsibilities.

 The AML Shop can help with these reporting backlogs or if you have any questions related to EFT reporting, or other compliance matters. Reach out to us today at contactus@theamlshop.ca

Michael Ecclestone on CBC News: The National

The AML Shop's Michael Ecclestone (Governance, Risk and Compliance Leader) was featured yesterday on CBC's The National to discuss Canada's response to the threat of US Tariffs due to illegal fentanyl. 

In this piece, industry experts discuss that part of this response must also include taking action on how drug groups move and launder money through Canada. 

See what Michael has to say on this topic.

What you need to know in 2025: Changes to the PCMLTFA are here - Part 1

In 2024 we saw significant changes to Canada’s AML/ATF Regime. 

In 2025, we see the evolution in this space continue as we anticipate new regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.  

On January 1st, 2025 new regulations were published in the Canada Gazette that add or modify obligations for specific businesses that are regulated under the PCMLTFA. 

These regulations include new obligations for acquirers of private automated banking machines and title insurers. These new regulations will come into effect on October 1st, 2025. Read more here.

Additionally, new reporting requirements will come into force for businesses holding sanctioned property information. Reporting to FINTRAC will begin for:

  1. Sanctions Imposed under the United Nations Act: Starting March 1, 2025

  2. Sanctions Imposed under the Special Economic Measures Act and Justice for Victims of Corrupt Foreign Officials Act. Starting October 1, 2024.


Finally, Identity Verification regulations will strengthen for both MSBs and Real Estate representatives and brokers.

MSBs will need to be aware of the new registration framework changes by adding a measure to allow agents or mandataries to be appointed in identity verification corporations and entities.

Real Estate Representatives and Brokers will have an added obligation to verify identity for unrepresented parties and keep an information record and make the associated third party determination for these transactions. 

This article is meant to be a quick overview and there are additional intricacies your business should be aware of if any of the above applies to you. Please contactus@theamlshop.ca to book a consultation with an expert or for more details on these important AML/ATF Regulatory changes.

FINTRAC Web Reporting System Update

FINTRAC has announced some recent updates to their web reporting system. The following reporting features are now available:

  • Reporting Entity Administrators and Verification and Submission Officers can now view, download, and print the summary of a submitted report.

  • Reporting Entity Administrators and Verification and Submission Officers can now edit submitted reports that require a change.

  • Reporting Entity Administrators can now delete submitted reports.

  • Reporting Entity Administrators can now deactivate/reactivate contacts.

  • Additionally, FINTRAC has confirmed that bug fixes have been implemented to resolve issues of data populating incorrectly on the report summary page.

If you have any questions about these new reporting functions or fixes, reach out to an AML expert today at contactus@theamlshop.ca

Bank of Canada PSP registration update

Big news is here from the Bank of Canada:

The Bank of Canada recently published a list of individuals and entities that have applied for payment service provider (PSP) registration under the Retail Payment Activities Act (RPAA). This list does not include information about approvals from the Bank of Canada. We will hear more about approvals in September 2025. Be sure to stay tuned for more information.

This list allows reporting entities like FI's and other MSBs/PSPs the ability to conduct due diligence checks as they onboard PSPs or when they are conducting ongoing monitoring. 

This list is an invaluable tool that can help your business stay compliant. Read more here

And if your Financial Institution or MSB/PSP needs help with any RPAA or AML compliance matters, or you are a Payment Service Provider in need of RPAA consulting, our experts are standing by to help. Reach out to us at contactus@theamlshop.ca