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The following is a summary of the legislative requirements under the PCMLTFA applicable to financial entities. This includes banks, savings and credit unions, caisses populaires, cooperative credit societies, and trust and loan companies.
FINTRAC Interpretation NoticesFINTRAC issues FINTRAC interpretation notices (FINs) to provide technical interpretations and positions regarding certain provisions contained in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.
Obligation to Report
Record KeepingThe following records must be kept:
See Guideline 6: Record Keeping and Client Identification Ascertaining IdentificationSpecific measures must be taken to identify the following individuals or entities:
See Guideline 6: Record Keeping and Client Identification Third-Party DeterminationWhere a large cash transaction record is required, or when a signature card is created, you must take reasonable measures to determine whether the individual is acting on behalf of a third party. In cases where a third party is involved, specific information about the third party and the relationship with the individual providing the cash or account holder must be obtained. See Guideline 6: Record Keeping and Client Identification Compliance RegimeThe following four elements must be included in a compliance regime:
See Guideline 4: Implementation of a Compliance Regime Compliance QuestionnairePart of FINTRAC's mandate is to ensure compliance by financial intermediaries and other reporting entities with their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and regulations. To do this, we can inquire into your business and examine records, including those relating to your compliance regime. We have developed a credit union / caisse populaire questionnaire for you to provide information concerning your organization’s compliance regime. A copy is posted here for you to consult and to provide you with examples of questions FINTRAC may ask in relation to your compliance regime. If you have been selected to complete this questionnaire you will be advised in writing by FINTRAC.
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