We were happy to welcome Matt McGuire as our guest speaker at our recent webinar on online account opening. Matt is a Chartered Professional Accountant who leads the National Anti-Money Laundering (AML) Practice and the Investigative and Forensic Services Group in Ontario for MNP LLP.
He joined us to discuss concerns and dispel myths around risks associated with online account opening. He also had lots to say about cumulus™, our online account opening solution. Specifically, he outlined how cumulus™ meets and exceeds all rigorous FINTRAC and AML compliance requirements, significantly mitigating the risks associated with opening an account online.
Here are Matt’s answers to some of the key questions asked during the webinar.
1. Do all members require a signature card at account opening?
Participants were surprised to learn that FINTRAC does not require a signature at account opening for anyone under the age of twelve.
2. Can members fax or email their ID documents to their credit union?
Many credit unions have accepted identification documents like driver’s licences, passports and other government photo i.d. via fax and email for years, but it turns out that this is not an acceptable or compliant FINTRAC practice.
3. How does cumulus™ ascertain identity online?
By using an identification product (TransUnion) in combination with a cleared cheque drawn from a demand account at Canadian FI.
4. Are accounts opened online considered high risk?
Matt told us that while there is some inherent risk with accounts opened online, the issue isn’t so much about ascertaining identity as it is what the member will do with the account once it’s opened. For that reason, a credit union’s operational procedures need to be solid to ensure that accounts can be monitored after being opened, whether they’ve been opened online or in branch.
5. Does it even make sense to open accounts online?
Absolutely. It’s what your members want and expect. Providing the option to open accounts online removes significant barriers to membership growth. Matt says that if you’re concerned about risk, cumulus™ meets all FINTRAC and AML requirements. FIs can feel confident in relying on cumulus™ as a trustworthy, dynamic and easy to implement solution.
Many of you have shared that one of your key concerns around online member acquisition is risk and compliance. You’ve also asked us to tell you more about how cumulus™ – our online onboarding solution gets such big results while at the same time meeting FINTRAC and AML compliance.
We get it. Facilitating the opening of accounts online is rapidly emerging as a primary requirement. It needs to tick every box. It makes sense that people need added reassurance that all barriers are removed and that compliance and regulation bases are covered.
That’s why we are collaborating with Canada’s AML industry leader Matthew McGuire, a Chartered Professional Accountant who leads the National Anti-Money Laundering (AML) Practice and the Investigative and Forensic Services Group in Ontario for MNP LLP.
Matthew is also:
Together with his team of full-time dedicated AML specialists in offices across Canada, Matthew leverages his regulatory and investigative experience to empower companies and governments with regulatory compliance and financial crime risk mitigation strategies, guiding them through regulatory exams and interventions, assisting with financial crime investigations and providing litigation support.
Since his time as an intelligence analyst with FINTRAC, Matthew has been speaking regularly on the topic of money laundering and financial crime to reporting entities, law enforcement, prosecutors, financial intelligence units, universities and conferences. He also authors articles for periodicals.
His many other credentials include:
- an Honours Bachelor of Arts and a Master of Accounting degree from the University of Waterloo
- received and was valedictorian for the University of Toronto’s Diploma in Investigative and Forensic Accounting program at the Rotman School of Management
- certified as an Anti-Money Laundering Specialist (CAMS) by the Association of Certified Anti-Money Laundering Specialists
- accredited as an Anti-Money Laundering Professional (AMLP) by the Bank Administration Institute
- qualified and admitted by the Ontario Superior Court of Justice as an expert witness in forensic accounting and money laundering
- testified before Senate committees and before the House of Commons Finance Committee and matters related to money laundering legislation
Chat with Matthew at our upcoming webinar
Bring your compliance and risk colleagues (along with your marketing and operations leaders), to our 45 minute webinar on August 19th, where we will show you how cumulus™ is changing the game in the online space, and meeting every AML and FINTRAC requirement.
We know that it’s hard to be first in adopting a new technology. Join us and see how comfortable it is to take the leap into digital member onboarding.
Register for our August 19th webinar with Matthew McGuire here.