Thank you very much, Mr. Beaupré. Your comment leads me to make an interesting distinction between
knowing your client and understanding your client.
I would think there is a slight difference, depending on the size of the financial institution.
I'd like to ask Ms. Ryan a question about money laundering.
You said that money laundering is a process used by criminals to conceal or disguise the origins of criminal proceeds to make them appear as if they originated from legitimate sources.
That's great, but I'm trying to figure out, then, that if our focus is on knowing our clients, it seems to me that the definition of money laundering, or any anti-money laundering efforts we'd want to take on, would require us to want to know the provenance, the sources of those funds. Am I missing the point, or is that correct?