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Canadian Federal Compliance Regulations

1. The Law:

Proceeds of Crime (Money Laundering) & Terrorist Financing Act 

http://www.fintrac-canafe.gc.ca/intro-eng.asp

The Proceeds of Crime (Money Laundering) Act was amended in December, 2001 to become the Proceeds of Crime (Money Laundering) & Terrorist Financing Act (PCMLTFA).

The object of the PCMLTFA is:

  • To implement specific measures to detect and deter money laundering and the financing of terrorist activities to facilitate the investigation or prosecution of money laundering and terrorist financing offences, including:
    • Establishing record keeping and client identification requirements for financial services providers and other persons that engage in businesses, professions or activities that are susceptible to being used for money laundering, and the financing of terrorist activities (Obtain more information please read: Who Must Report to FINTRAC?)
    • Requiring the reporting of suspicious financial transactions and of cross-border movements of currency and monetary instruments
    • Establishing an agency that is responsible for dealing with reported and other information;
  • To respond to the threat posed by organized crime by providing law enforcement officials with the information they need to investigate and prosecute money laundering or terrorist financing offences, while ensuring that appropriate safeguards are put in place to protect the privacy of persons with respect to personal information about themselves; and
  • To assist in fulfilling Canada's international commitments to participate in the fight against transnational crime, particularly money laundering and the fight against terrorist activities.

Recent amendments:

  • Amendments to the PCMLTFA received Royal Assent on December 14, 2006. The amending Bill C-25 can be consulted on the Parliament of Canada Web site.
  • Some of those amendments are now in force. Those which came into force in February and June 2007 have been incorporated in the office consolidation mentioned below.

2. Policies & Procedures:

Universal Currency Exchange Inc. has developed anti-money laundering policies and procedures to ensure that company personnel comply with regulations set forth by our Canadian Government.

Universal Currency Exchange Inc. adheres to the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001 and regulations based on that legislation. Our policies and procedures are designed to meet the requirements of the legislation by ensuring that we KNOW OUR CLIENT, their business activities and therefore reduce the potential for customers to engage in money laundering or terrorist financing by way of our services.

We require two forms of identification: Government Photo Identification, such as your passport or driver's license, with a utility bill such as Hydro Quebec or Bell Canada that indicates your current address.

3. Corporate Clients:

Please read the document at the following link. It describes in full our duties to comply with the law.

http://www.fintrac-canafe.gc.ca/re-ed/sc/msbfx-esmcc-eng.asp

Ongoing service agreement

In addition, once the changes come into effect, when you enter into an ongoing electronic funds transfer, funds remittance or foreign exchange service agreement with an entity, or a service agreement for the issuance or redemption of money orders, traveller’s cheques or other negotiable instruments, you will have to keep the following:
a record of the name, address, date of birth and occupation of every individual who has signed the agreement on behalf of the entity;

  • A client information record for the entity
  • A list containing the name, address and date of birth of every employee authorized to order transactions under the agreement.

You will also have to confirm the existence of the entity with which you have the agreement. In addition, if the entity is a corporation, you will have to find out its name, address and the names of its directors. 

WE WILL REQUIRE A SIGNED LETTER BY THE COMPANY'S DIRECTOR (AUTHORIZED) WITH PROOF OF IDENTITY AUTHORIZING WHICH EMPLOYEES ARE AUTHORIZED TO CONDUCT FOREIGN EXCHANGE TRANSACTIONS.

4. Personal Clients:

We require two forms of identification: Government Photo Identification, such as your passport or driver's license, with a utility bill such as Hydro Quebec or Bell Canada that indicates your current address. We are also required to know your profession.



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