Home Research Projects Other Research International Informal Banking Systems Operating in the Greater Toronto Area Annex I: Questions addressed to financial agents

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International Informal Banking Systems Operating in the Greater Toronto Area

ATTACHMENT 1

FOLLOWING IS A LIST OF QUESTIONS AROUND WHICH MOST DISCUSSIONS WERE HELD.

QUESTIONS ADDRESSED TO FINANCIAL AGENTS:

Interviewee Code Number:                                                          

Country of origin:                                                                         

Date:                                                                                           

1. How long have you been in the money transfer business?
2. Why did you choose this business?
3. What are the difficulties in running this business?
4. Have you received a questionnaire from the government regarding your business? Have any other associates received one?
5. In yes, have you complied with it?
6. What does ‘compliance’ mean? Have you filed any reports with the government?
7. How can you be sure that none of your Clients are involved (or using your services) for illegal purposes?
8. Is this your main business or is just ancillary? If not, what’s the main business?
9. Do you travel to the country where you send money to frequently? (For business purposes? Or is it family/personal? How frequent?)
10. When you travel, do you settle accounts then with you associated Financial Agents?
11. Are your associated Financial Agents, family members or business associates?
12. How do you settle accounts with the Financial Agents?
13. What is your legal status in Canada?
14. What is the average volume of money that gets remitted in a month?
15. How does the system work?
16. How fast can you remit the money?
17. How is it possible?
18. What is the fee?
19. How do you make a profit?
20. How do you get customers? Through advertising? Through word of mouth? Or other means?
21. Do you consider your business a service to the community?
22. How many people work for you? What is the arrangement between them & you --- is it for a salary or a fee split?
23. Do the individuals (working for you) conform to the information requirements as you do?
24. How long do you maintain records of transactions?
25. Can you explain the records?
26. How do you source products from other countries? What is the process of the transactions? (letters of credit, wires or reverses transactions?)
27. How long do you have to accumulate funds for (in Canada) before executing a trade transaction?
28. What are the typical kinds of products that you source for the transactions?
29. What are the other communities that you transact with/for?
30. Did the attacks of September 11, 2001 and their aftermath affect your business? If, so can you elaborate?
31. Have your ever been questioned, interviewed or monitored by Canadian security representatives?
32. If yes, could you elaborate?
33. Questions regarding US transactions: Who did you/do you transact with? Are they registered? Why is there a fee involved with transactions done with the US?
34. How are US funds available in the destination country? Is the rate that you buy the funds (for dispensing) profitable considering that you charge such a minimal fee?
35. What kind of business problems do you face (with banks?). How do you resolve them?
36. Have you/ your associates considered forming an organizations (with other individuals doing the same business) to discuss the problems or to draw the governments attention to your problems?
37. Would you be reluctant to discuss your problems (like the ones you face with the banks or regarding the cost involved in compliance) with the government authorities?
38. Is there any other information you would like to share?