– The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) is the basis of Canada’s anti-money laundering and anti-terrorist financing (AML/ATF) regime.
– The PCMLTFA is the legislation (the “Act” that was passed by the Canadian federal government)
– Calforex is mandated to comply with FINTRAC guidelines derived from the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in Canada.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Its mandate is to facilitate the detection, prevention and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control. (http://www.fintrac-canafe.gc.ca/intro-eng.asp)
FINTRAC collects, analyzes and discloses financial information and intelligence on suspected money laundering and terrorist financing activities.
FINTRAC establishes guidelines and requirements that reporting entities must comply with as part of their Compliance Regime and adherence to the PCMLTFA.
Reporting entities include:
– Financial Entities including banks (those listed in Schedule I or II of the Bank Act) or authorized foreign banks with respect to their operations in Canada, credit unions, caisses populaires, financial services cooperatives, credit union centrals (when they offer financial services to anyone other than a member entity of the credit union central), trust companies, loan companies or agents of the Crown that accept deposit liabilities.
– Life insurance companies, brokers and agents
– Securities dealers
– Casinos
– Real estate brokers or sales representatives or Real Estate developers
– Agents of the Crown
– Money Services Businesses
– Accountants and accounting firms
– Dealers in precious metals and stones
– British Columbia notaries
As a reporting entity, Calforex must “know our clients”. Knowing your client means understanding who our client is and understanding their needs for Calforex.
Calforex will ask for personal information from clients in compliance with Federal, Provincial and International legislative requirements including identity verification, know your client and recordkeeping requirements as stipulated by the PCMLTFA, MSB Act of Quebec and FINTRAC.
Calforex will request client information including name, home address, date of birth, home telephone numbers, occupations, work phone numbers for currency, wire and draft transactions when required by FINTRAC.
Calforex will request identification where required to meet our FINTRAC obligations.
Calforex may ask for additional details where deemed necessary to remain in compliance with regulatory requirements. Rest assured this information is safe and held in compliance with federal and provincial privacy standards
