We are required to report the following types of transactions to FINTRAC:
We are required to keep all client, transaction and corporate records for a minimum of 5 years.
We are required to collect and verify your identification for remittances of $1,000 and more.
For remittances over $100,000 or more, we are required to make PEFP determination.
If you are conducting a transaction on someone else's behalf, we are required to obtain information on the both parties: you and the person on whose behalf you are conducting the transaction.
We are required to maintain a compliance program containing adequate policies and procedures in accordance with the FINTRAC regulations.
For more information, refer to FINTRAC website: http://fintrac-canafe.gc.ca/msb-esm/intro-eng.asp
WE TAKE THE FOLLOWING ADDITIONAL MEASURES TO PREVENT MONEY LAUNDERING AND TERRORIST FINANCING:
It is our policy to check each transaction against the OSFI and OFAC watch lists. Any matched names are subject to further review by the compliance officer.
We have adequate controls pertaining to the transaction activity at several instances of the life cycle of a transaction. These controls include: