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AML/CTF compliance in Canada​
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AML/CFT regulations in Canada

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AML/CTF Regulatory Body in Canada​

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(FINTRAC) - Financial Transactions and Reports Analysis Centre of Canada​

FINTRAC - Financial Transactions and Reports Analysis Centre of Canada - is the competent authority responsible for the assessment of compliance and enforcement of the PCMLTFA at the federal level. It is the entity responsible for analysing data reported by financial institutions and other organisations subject to the PCMLTFA. As an independent government office, FINTRAC satisfies part of its mandate by providing law enforcement and security agencies with information relevant to investigations or prosecutions of money laundering or terrorism financing activities. The Centre receives, gathers, and analyses financial transaction reports sent by the many entities – such as banks, securities dealers, money services businesses – that are legally required to send reports.

(PCMLTFA) - Proceeds of Crime (Money Laundering) and Terrorist Financing Act​

PCMLTFA - Proceeds of Crime (Money Laundering) and Terrorist Financing Act - Imposes anti-money laundering requirements on financial institutions and other business entities.

The 3 main objectives of the PCMLTFA are:

1. To execute measures to identify and stop money laundering and the financing of terrorist activities in order to facilitate the investigation or prosecution of money laundering and the terrorist financing offences.

2. To react to the threat presented by coordinated crime by providing law enforcement officials with the information they need to investigate and prosecute money laundering or terrorist financing offences.

3. To help in fulfilling Canada's global responsibilities to participate in the battle against money laundering and the fight against terrorist activities.

How to comply with AML/CTF regulations in Canada

The PCMLTFA requires financial institutions and other business entities to have a Compliance Program. Institutions will have to undergo a FINTRAC compliance examination that will assess whether an entity is meeting its obligations under the legislation. In order to comply with AML/CTF regulations in Canada, the Compliance Program must include, and provide detailed information about, the following:

Appoint a Compliance Officer

Develop and apply written compliance policies and procedures including customer identification and due diligence requirements, mainly for financial institutions

Conduct an assessment of money laundering and terrorism financing risks

Record keeping of data - develop and maintain a written, ongoing compliance training programme for employees and agents

Ongoing monitoring and reporting: conduct and document an effectiveness review of the policies and procedures, the risk assessment and the training programme. This review must be carried out every two years by an internal or external auditor​

Implementation of client identification

What are my AML/CTF reporting obligations?​

  • Large Cash Transactions - persons and entities that receive, from a client, an amount in cash of CAD$10,000 or more in the course of a single transaction, unless the amount is received form a financial entity or a public body. A single transaction includes two or more cash transactions of less than CAD$10,000 each if they are made within 24 consecutive hours
  • Financial entities, MSB and casinos must report the sending out of Canada, or the receipt from outside Canada, of international electronic funds transfers of CAD$10,000 or more in the course of a single transaction
  • SWIFT MT 103 messages
  • Casinos are obligated to report disbursements of CAD$10,000 or more
  • Suspicious Transactions - Any activity that raises suspicions that the transaction is related to the commission or the attempted commission of a money laundering or terrorism financing activity

How can MemberCheck Help?

Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.

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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

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