VANCOUVER, July 25 /CNW/ - vCAMLO Services Inc. (vCAMLO) and
Central 1 Credit Union (Central 1) announced today that they have signed an
agreement to provide comprehensive anti-money laundering (AML) compliance
support services to Canadian credit unions. Regulations that became effective
last month significantly increased the scope of AML compliance obligations for
Canadian financial institutions, including requirements to assess and mitigate
their exposure to money laundering and terrorist financing risks, to screen
their member databases for politically exposed foreign persons (PEFPs), and to
enhance their customer identification efforts.
vCAMLO's virtual Chief Anti-Money Laundering Solution is being deployed
with assistance of Central 1 to credit unions across Canada to help with their
new and legacy AML legislative obligations, and to detect and constrain the
flow of illicit proceeds through their accounts.
"Given the significance and complexity of the new legislative
requirements and the importance of our collective contribution to the fight
against crime, Central 1 chose to associate with an organization having
extensive AML capabilities that is able to assist even our smallest member
credit unions to understand and address their money laundering risks and
obligations," says David Barker, Director of Risk Management and Insurance at
"vCAMLO's robust pattern detection and list screening technology, and
integrated politically exposed foreign person list are best in class and
combine with expert compliance support and investigative services to provide
an ideal AML solution for credit unions of all sizes."
"Upon assessing the magnitude of the new requirements imposed by
Bill C-25, it became clear that G&F Financial would require a compliance
regime supported by a robust technology based solution to minimize business
impact and allow our credit union to maintain its' member focus. G&F Financial
has made the strategic decision to partner with vCAMLO Services who have
successfully embedded expert compliance knowledge into a state of the art
technology platform" says Richard Davies, Chief Executive Officer at
G&F Financial Group.
vCAMLO's risk monitoring technology is implemented in financial
institutions based in Canada and across the world, and includes advanced case
management, risk management modules, name screening applications, suspicious
transaction monitoring systems, and platforms for automated regulatory
filings. vCAMLO's technology is enriched by proprietary content, including a
complete Politically Exposed Foreign Person list, the United Nations Act
regulation lists, and other risk lists.
"Financial institutions that previously relied on manual processes to
detect suspicious activity have been surprised about the money laundering
activity that properly tuned technology uncovers," says Matthew McGuire,
vCAMLO's Director of Financial Intelligence, and a former intelligence analyst
"While front line staff at credit unions are experts at recognizing
abnormal daily in-branch transactions, technology excels at uncovering
patterns of money laundering activity conducted over time between apparently
unrelated accounts, and through electronic mediums."
"With over 20 years providing service to the credit union market, I
understand their focus on serving their members and communities first," says
Bill Bews, vCAMLO's Director of Investigative and Help Desk Support.
"With that in mind, we developed vCAMLO as an affordable solution to
allow credit unions to spend their time with members, while we spend our time
mitigating their money laundering risk and enhancing their efforts in the
fight against crime. We are honoured to be partnered with Central 1 to serve
Canada's credit union movement."
Recognizing that the regulator responsible for compliance with the AML
legislation, FINTRAC, will have the power to levy fines of up to $500,000 per
compliance violation, AML legislation is top of mind for many financial
institutions. Beginning this year, dealers in precious metals and stones,
lawyers, and B.C. notaries will join the ranks of entities with AML
responsibilities in Canada, which now includes accountants, life insurance &
real estate companies and representatives, casinos, financial institutions, as
well as money services and foreign exchange businesses.
About vCAMLO Services, Inc.
vCAMLO Services Inc. is a Canadian owned and operated entity dedicated
entirely to assisting financial institutions with anti-money laundering (AML)
compliance. vCAMLO offers financial institutions a complete turn-key and
technology driven outsourcing solution to AML compliance obligations. vCAMLO
is the result of a collaboration between: Acuity Forensic Inc, a boutique firm
of forensic accountants specializing in anti-money laundering compliance;
Sonoma Technical Support Services, a help-desk support company serving over
2 million credit union members across North America; and, Navaera Sciences
Canada LP, the world's foremost provider of hosted risk monitoring technology
and content services.
About Central 1 Credit Union
Central 1 (www.central1.com) is the central financial facility, service
provider and trade association for the B.C. and Ontario credit union systems.
Its 196 member credit unions have 2.8 million members and hold more than
$60 billion in assets.
For further information:
For further information: Matthew McGuire, Director, Financial
Intelligence, vCAMLO Services, Inc., (416) 312-0555, email@example.com;
David Barker, Director, Risk Management & Insurance, Central 1 Credit Union,