NUMEROL­OGY

BC Business Magazine - - Contents - by Melissa Ed­wards SOURCES: VAN­COU­VER SUN, IN­TER­NA­TIONAL MON­E­TARY FUND, WEALTHINSIGHT, FINTRAC

Help­ing busi­nesses prove their cash is clean has be­come a money spin­ner

31,000 That's how many Cana­dian busi­nesses are sub­ject to re­port­ing re­quire­ments un­der fed­eral laws against money laun­der­ing. They in­clude banks, ac­count­ing firms and the fast-grow­ing fin­tech in­dus­try, the main fo­cus of com­pa­nies in the emerg­ing reg­u­la­tion tech­nol­ogy sec­tor—like Van­cou­ver's Trulioo, whose iden­tity ver­i­fi­ca­tion sys­tems help busi­nesses prove they aren't help­ing hide dirty money. But af­ter Post­media Net­work Inc. re­vealed that more than half of some 220 B.C. real es­tate com­pa­nies ex­am­ined by the Fi­nan­cial Trans­ac­tion and Re­ports Anal­y­sis Cen­tre of Canada ( FINTRAC) from 2012 to 2016 didn't ad­e­quately re­port sus­pi­cious trans­ac­tions, regtech may find a big new lo­cal mar­ket. “It's an in­ter­est­ing use case,” says Trulioo GM Zac Co­hen, a speaker at the Money Laun­der­ing in Canada fo­rum, in Vic­to­ria from Septem­ber 11 to 13. “If you are fully iden­ti­fied, and we know who you are, it lessens the in­cen­tive to do some­thing you shouldn't be do­ing.”

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