Navigating eCARs: A Compliance Opportunity

Know Your Compliance (KYC)

In this episode of The KYC Podcast, host Greg Dent is joined by Zahra Sunderani and Catagay from the Really Trusted team to discuss the intricacies of the Electronic Compliance Assessment Report (eCAR) - a crucial tool used by FinTRAC to assess compliance with anti-money laundering and counter-terrorist financing regulations. The conversation delves into the purpose and structure of the eCAR, the types of questions it encompasses, and the potential challenges reporting entities may face when completing this assessment. Importantly, the hosts highlight the opportunity the eCAR presents for proactive compliance, emphasizing the benefits of honesty and transparency when addressing any identified deficiencies.

Key Takeaways:

• eCARs are electronic questionnaires used by FinTRAC to evaluate the effectiveness of reporting entities' compliance programs and identify potential risks.
• The questions cover a wide range of topics, including business practices, transaction types, and the five pillars of a compliance program.
• Challenges may arise if the compliance program is not well-documented or if there are gaps in policies and procedures.
• Honesty is crucial when completing the eCAR - voluntary disclosure of non-compliance can be a valuable tool to address deficiencies.
• FinTRAC generally prefers a collaborative approach, providing opportunities for reporting entities to remediate issues and improve their compliance posture.

Featured Guests:

• Zahra Sunderani, Anti-Money Laundering Operations, Really Trusted
• Catagay, Program Lead for the FinTech Space, Really Trusted

Resources:

• Contact the Really Trusted team for guidance on navigating the eCAR process and strengthening your compliance program.

Connect with Greg and ReallyTrusted at:

https://reallytrusted.com/

https://www.facebook.com/ReallyTrusted/

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