David Vijan, Co-Founder of Outlier Compliance Group

Send us a text

David Vijan from Outlier Compliance Group joins the True North Compliance Podcast with special guest co-host Greg Dent to discuss the current state and future of compliance, particularly in the anti-money laundering (AML) sector. David emphasizes the critical need for real estate brokerages to implement robust compliance programs, highlighting frequent shortcomings in fundamental compliance practices such as the reporting of suspicious transactions (STRs). Recent findings from FINTRAC have shown significant compliance failures in this sector, reinforcing the urgency for enhanced understanding and enforcement of regulatory requirements.

Greg praises Outlier's leadership in the compliance industry, countering the general skepticism surrounding consultancy motives by highlighting their ethical approach and genuine commitment to bettering the industry. The conversation also delves into the specifics of regulatory challenges facing mortgage brokers, stressing the importance of proper risk assessments, policy development, and the necessity of conducting effectiveness reviews as per regulatory expectations.

Towards the end, David discusses the potential impacts of upcoming regulatory changes, including the expansion of AML requirements to include other sectors like armored car services and mortgage lending. They conclude by discussing the role of compliance in fostering a safer business environment, asserting that stringent compliance measures not only mitigate risks but also enhance overall business efficiency and reputation.

Links

• Host: Shawn O'Hara: LinkedIn
• Agency 2525: Marketing Agency in Victoria, BC