KYC, or “Know Your Customer,” is a process in which financial institutions verify that their customers are who they say they are, that they’re not on any sanctions lists and that their funding sources are legitimate. (more…)
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The Office of Foreign Assets Control, or OFAC, is a financial intelligence and enforcement agency within the U.S. Department of Treasury. It administers trade and economic sanctions against hostile foreign governments, terrorists, international drug traffickers, those that proliferate weapons of mass destruction, and other organizations and individuals duly identified as a threat to the national security, economy, and foreign policy of the United States. (more…) -
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Terrorist organizations, like other organized crime groups, require funding in order to operate. Buying weapons and vehicles, feeding and housing members, and using marketing materials to spread their ideas all cost money. The Center for a New American Security reports the 9/11 attacks alone are estimated to have cost between $400,000 and $500,000. (more…) -
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In recent years, Canada has developed an increasingly strong reputation as one of the best places in the world to do business. The World Economic Forum’s Global Competitive Index 2017-2018 ranks Canada as having the second-most “sound” banking system in the world, a step up from the number three position it held the previous year. U.S. News & World Report ranks Canada number seven in the world for entrepreneurship, citing well-developed infrastructure and transparent business practices as assets. High ethics and rule abidance are a top priority for Canada-based businesses and those they work with. (more…)