FINTRAC has published updated indicators related to terrorist activity financing.
These are subdivided into three broad types of violent extremism:
- religiously motivated violent extremism (RMVE),
- politically motivated violent extremism (PMVE), and
- ideologically motivated violent extremism (IMVE).
Each subtype has distinct characteristics and indicators. While it can be tempting to think that these types of things don’t happen here, unfortunately, they can and do happen here in Canada. As a Compliance Officer, it’s important to think through where these indicators might be visible to you and your team.
All Canadian reporting entities must use this information to:
- Update the indicators in training materials,
- Update the indicators in policies and procedures, and
- Update transaction monitoring mechanisms (where applicable) to detect relevant indicators.
Of course, if you require assistance, Outlier Compliance is here to help, please contact us