"As founding members of the International Supervisors Forum, FINTRAC recognizes the importance of strengthening global cooperation in the fight against money laundering and terrorism financing, and enhancing compliance and supervisory regimes around the world."
-- Gérald Cossette, Director, Financial Transactions and Reports Analysis Centre of Canada
Some of the topics covered included:
- How money services businesses manage compliance issues in high-risk jurisdictions and respond to advisories issued by their domestic or international regulators;
- How money services businesses with a global footprint address enterprise-wide risks;
- Successes, challenges and ongoing initiatives in regards to agent supervision; and
- How money services businesses identify and report on foreign terrorist fighters.
Money services businesses play a critical role in identifying, mitigating and managing those risks across multiple jurisdictions through major agent networks, many who transact to high-risk jurisdictions with less advanced money laundering and terrorism financing regulatory regimes.
ISF members have been formalizing agreements that will allow for information and documents to be shared on a consistent basis. As a result, ISF members are working together, and in conjunction with their respective law enforcement agencies, sharing operational practices, methodologies and training, as well as leveraging resources in order to strengthen the international anti-terrorist financing and anti-money laundering regulatory community. These activities form the foundation of the work the ISF will carry out.
- The ISF was established in 2013 by regulatory agencies from Canada, the United States, the United Kingdom, Australia and New Zealand.
- The ISF provides a venue for sharing information and best practices between anti-money laundering and anti-terrorism financing regulators in these countries.
- ISF members regulate a significant number of money services businesses that have a presence in some or all of its jurisdictions.
- The ISF intends to co-ordinate, on a global level, compliance and enforcement activities on entities within the money services business industry.