Outlier Canada – Managing Big Risks Effectively

Finding Genius Podcast

Richard Jacobs

Medicine, Health & Fitness

4.4 • 1K Ratings

🗓️ 30 June 2017

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

"We're compliance nerds," says guest Amber Scott. What this means, in essence, is that Amber—and her co-workers at Outlier Canada—help people follow the law. When dealing with a lot of money, there's a lot of risk. Someone needs to be there to help make sure all the money's being used safely, correctly, legally. This means preventing money laundering, and avoiding funding terrorism.
As an individual, it's harder to manage the huge risk that comes with big money. Because of this, Amber mostly works with incorporated companies. She's not risk-averse, it's just that it's important to manage risks you take effectively.
Hit play to learn more about anti-money laundering (AML) and compliance. Subscribe, review, and if you can, consider donating some BitCoin to the cause.

Transcript

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0:00.0	Welcome to Almost Here, Around the Corner of Future Technology Podcasts with Richard Jacobs.
0:07.4	Future technologies are always to transform our lives for better or worse or the focus of this podcast.
0:13.1	Almost here means these technologies are now here and starting to be used, or just around the corner,
0:19.1	from Bitcoin to artificial intelligence, 3D printing,
0:22.5	blockchain, virtual reality, and more.
0:25.4	Hi, this is Richard Jacobs with Future Tech Podcast. Today, my guest is from a company called
0:31.0	Outlier Canada. The guest name is Amber Scott. She's a founder. And we're going to be talking
0:36.5	about blockchain-related issues, an AML anti-money laundering law in Canada. Amber, how you doing?
0:43.8	Very well. Thank you. And thank you for having me on.
0:46.7	Yeah, no problem. So would you tell guests, you know, what you do at Outlier Canada?
0:51.3	Sure. We're compliance nerds. So in essence, that means that we help people
0:55.9	follow the law in various capacities. Where we tend to specialize in the Canadian context is
1:02.0	anti-money laundering, counter-terrorist financing. We also practice in privacy and some types of
1:08.4	regulatory compliance. I should mention we also have practices in the U.S.
1:12.8	and the U.K., but those are run by different folks. So while we are a related group of companies,
1:19.3	my focus will mainly be on Canada when I get into specific examples. Okay. That's fine.
1:25.0	Do you, so what kind of companies do you advise or is it, I would guess it's
1:30.2	rarely individuals, mostly companies, right? It's, it's mostly companies. We have on a couple of
1:36.3	occasions been approached by individuals who are sole proprietors. Because most of what we work with
1:42.4	is related to finance in some way, shape, or form. So financial
1:46.2	technology and things like that, my view is generally that if you formed a sole proprietorship in
1:52.1	this world, you're taking on a ton of risk personally. And you're probably not going to like a lot of
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