Banking, Trade and Commerce – March 29, 2012

In Committee from the Senate of Canada

Banking, Trade and Commerce – March 29, 2012

Senior representatives from the financial industry testified as a part of the committee’s five-year Parliamentary review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Andrea Cotroneo and Richard McLaughlin from MasterCard Canada Inc. spoke about safety mechanisms concerning pre-paid products. Derek McMillan from Western Union Financial Services (Canada), Inc. discussed money transfers and the company’s efforts to identify fraud. Amex Bank of Canada representatives Scott Driscoll and Wilf Gutzin spoke about the specific challenges related to online banking services.

Matthew McGuire from the Canadian Institute of Chartered Accountants discussed the sector’s reporting obligations and made recommendations for improving the act. Gary Simonsen and David Salvatore from the Canadian Real Estate Association discussed the prevalence of money laundering within their industry and raised concerns with certain aspects of the bill.