OVERVIEW & EXPERTISE

 

The Blakes Financial Services group has extensive experience advising all entities subject to Canadian anti-money laundering (AML), anti-terrorist financing and economic sanctions legislation applicable to financial transactions. We act for financial institutions (including domestic and foreign banks, trust companies, loan companies, credit unions, and insurance companies), domestic and foreign money services businesses, foreign exchange businesses, casinos, securities dealers, real estate brokerages and developers, dealers in virtual currencies, accounting firms, merchant acquirers, prepaid card issuers, payment processors, those involved in the jewellery business and others in connection with their compliance with all aspects of this legislation including:

  • Compliance with the requirements of the Proceeds of Crime (Money Laundering), Terrorist Financing Act, Guideline B-8 issued by the Office of the Superintendent of Financial Institutions, Rule 1300 and the Anti-Money Laundering Compliance Guideline of the Investment Industry Regulatory Organization of Canada, the Quebec Money-Services Business Act and gaming control legislation across Canada as it relates to AML requirements
  • Compliance with Canada’s economic sanctions legislation, including the United Nations Act, the Special Economic Measures Act, the Freezing Assets of Corrupt Foreign Officials Act, and the Criminal Code, with respect to all aspects of the legislative requirements, including screening against Canadian designated lists, reporting to principal financial regulators and law enforcement authorities, sectoral trade restrictions, ongoing compliance and risk mitigation measures
  • Advising with respect to reporting requirements under the legislation, including guidance in interpreting the requirement to report "attempted" suspicious transactions
  • Advising with respect to client identification requirements, know-your-customer requirements, record-keeping requirements, ongoing monitoring reporting requirements and privacy considerations surrounding voluntary reporting
  • Assisting clients in the development of their product and customer-risk categories and their own inherent risk assessments as part of their compliance programs
  • Drafting client AML compliance programs and updating applicable compliance elements, policies, practices and procedures, in addition to designing and delivering in-house training programs, consistent with legislative and regulatory requirements
  • Assisting clients with operational adjustments to comply with AML requirements
  • Registering clients as money services businesses under the federal and Quebec registration regime
  • Advising on the intricate requirements of the legislation with respect to politically exposed persons and beneficial owners
  • Providing AML advice specific to existing products and new product initiatives
  • Advising on compliance procedures surrounding unique businesses lines, including wealth management, private banking and merchant acquiring
  • Advising clients on what to expect and how to prepare for compliance audits
  • Providing compliance opinions on the requirements of the provisions of the legislation
  • Liaising with regulators to discuss and review issues on behalf of clients and challenging adverse regulatory findings 

From a regulatory perspective, we have the largest and most active financial institution regulatory practice in Canada, allowing us to effectively advise clients on the current regulatory framework, as well as on any draft legislation and regulatory proposals that may affect them. Clients benefit from our ability to offer advice specific to existing products as well as new product initiatives and our familiarity with compliance procedures surrounding unique businesses lines. When questions of regulatory violations arise, our lawyers are there to advise as well as assist clients in preparing for and responding to audits and investigations.

 

 PEOPLE

 
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Associate | Toronto
Toronto: 416-863-3337
Areas of Expertise: Financial Services Regulatory, Aviation & Aerospace, Banking, Consumer/Retail Financial Services, Insurance, Reinsurance, Payments, Residential Mortgage Business, Debt Finance & Lending
Partner | Toronto
Toronto: 416-863-2654
Areas of Expertise: Capital Markets, Financial Services, Corporate & Commercial, Equity Capital Markets, Debt Capital Finance, Mergers & Acquisitions
Associate | Montréal
Montréal: 514-982-5035
Areas of Expertise: Financial Services, Renewables (Wind, Solar, Hydro, & CleanTeach), Oil & Gas, Africa
Associate | Montréal
Montréal: 514-982-4093
Areas of Expertise: Debt Finance & Lending, Project Finance, Real Estate Financing, Banking, Asset-Based Finance
Partner | Montréal
Montréal: 514-982-4025
Areas of Expertise: Energy, Banking, Commercial Real Estate, Financial Services, Construction, Infrastructure, Oil & Gas, Pension Funds Investment, Plan Nord, Debt Capital Finance, Structured Finance, Major Projects, Downstream & Marketing, Mergers, Acquisitions, & Divestitures, Hotel Finance
Partner | Toronto
Toronto: 416-863-4284
Areas of Expertise: Financial Services Regulatory, Insurance, Mergers & Acquisitions, Investment Products & Asset Management, Banking, Consumer/Retail Financial Services, Payments, Residential Mortgage Business, Reinsurance, Financial Services, Pension Funds Investment, Investment Funds, Investment Vehicles, Government & Public Sectors, FinTech, Credit Unions
Counsel | Toronto
Toronto: 416-863-3858
Areas of Expertise: Financial Services Regulatory, Anti-Money Laundering, Consumer/Retail Financial Services, Banking, Financial Services, Consumer Protection, FinTech, Cannabis
Partner | Toronto
Toronto: 416-863-3250
Areas of Expertise: Financial Services, Banking, Project Finance
Partner | Vancouver
Vancouver: 604-631-4247
Areas of Expertise: Financial Services, Real Estate Financing, Structured Finance, Banking, Debt Finance & Lending, Asset-Based Finance, Equipment Financing/Leasing, Project Finance
Partner | Calgary
Calgary: 403-260-9697
Areas of Expertise: Restructuring & Insolvency, Corporate Litigation, Corporate & Commercial, Oil & Gas, Financial Services, Banking, Energy
Partner | Montréal
Montréal: 514-982-4061
Areas of Expertise: Infrastructure, Mergers & Acquisitions, Private Equity, Energy, Corporate & Commercial, Commercial Real Estate, Plan Nord, Construction, Mining, Pension Funds Investment, Investment Funds, Investment Vehicles, Mining Lending, Mining Streaming & Royalties, Credit Unions
Articling Student | Vancouver
Vancouver: 604-631-5233
Areas of Expertise: Financial Services
Partner | Toronto
Toronto: 416-863-3866
Areas of Expertise: Equipment Financing/Leasing, Asset-Based Finance, Project Finance, Structured Finance, Aviation & Aerospace, Banking, Debt Finance & Lending, Automotive
Partner | Toronto
Toronto: 416-863-3261
Areas of Expertise: Financial Services, Restructuring & Insolvency, Litigation & Dispute Resolution
Associate | Toronto
Toronto: 416-863-4197
Areas of Expertise: Financial Services, Financial Services Regulatory, Banking, Hotel Finance, Debt Finance & Lending, Residential Mortgage Business, Structured Finance
Partner | Calgary
Calgary: 403-260-9659
Areas of Expertise: Corporate & Commercial, Financial Services, Banking
Partner | Toronto
Toronto: 416-863-2594
Areas of Expertise: Restructuring & Insolvency, Financial Services, Corporate & Commercial, Financial Services, Mining, Mergers & Acquisitions
Associate | Toronto
Toronto: 416-863-2283
Areas of Expertise: Financial Services, Debt Finance & Lending, Asset-Based Finance
Partner | Toronto
Toronto: 416-863-3860
Areas of Expertise: Commercial Real Estate, Restructuring & Insolvency, Hospitality & Leisure, Real Estate Financing, Europe, Pension Funds Investment, Investment Funds, Investment Vehicles, Hotel Finance
Associate | Montréal
Montréal: 514-982-5047
Areas of Expertise: Financial Services, Debt Finance & Lending, Project Finance, Asset-Based Finance, Banking, Renewables (Wind, Solar, Hydro, & CleanTeach)
Counsel | Montréal
Montréal: 514-982-4017
Areas of Expertise: Financial Services Regulatory, Consumer/Retail Financial Services, Residential Mortgage Business, Payments, Marketing & Health Regulatory, Banking, Insurance, Reinsurance, Lobbying, Financial Services, FinTech, Consumer Protection
Partner | Toronto
Toronto: 416-863-4160
Areas of Expertise: Infrastructure, Project Finance, Financial Services, Banking, Construction, Energy, Debt Capital Finance, Power, Public-Private Partnerships
Partner | Toronto
Toronto: 416-863-2492
Areas of Expertise: Mergers & Acquisitions, Corporate & Commercial, Financial Services Regulatory, Financial Services, Life Sciences, Private Equity, Emerging Companies & Venture Capital, Technology, Mining, Insurance, Pension Funds Investment
Law Clerk | Toronto
Toronto: 416-863-2773
Areas of Expertise: Financial Services
Partner | Toronto
Toronto: 416-863-4021
Areas of Expertise: Information Technology, Outsourcing, Corporate & Commercial, Cybersecurity, Financial Services, IP Licensing & Agreements, FinTech, Banking, Insurance, Power, Technology, Mergers & Acquisitions, Credit Unions
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