AML POLICY
Anti-Money Laundering and Counter-Terrorist Financing Declaration
We, Forex Calgary, are committed to combating money laundering and terrorist financing in accordance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and regulations set forth by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Please note that as a Canadian company, we are required by law to comply with all AML/CFT regulations, including those set forth by FINTRAC. Failure to comply with these regulations may result in civil or criminal penalties.
As part of our commitment to AML/CFT compliance, we require all clients to undergo identity verification before using our services. We use industry-standard verification methods to confirm the identity of our clients, including the collection of government-issued identification, such as a driver license or passport, and other personal information.
We will only allow individuals to use our services once they have been successfully verified. We take our AML/CFT obligations very seriously, and we will not hesitate to report any suspicious activity to FINTRAC. We appreciate your cooperation in helping us maintain a safe and secure business environment.
By agreeing to use our service, you agree to comply with all AML/CFT laws and regulations, including our identity verification requirements. We reserve the right to deny service to any client who fails to provide sufficient identification or who engages in suspicious activity.
If you have any questions or concerns regarding our AML/CFT policies and procedures, please do not hesitate to contact us at info@forexcalgary.com
The Compliance Program implemented by Forex Calgary Money Transfer
The Compliance Program of Forex Calgary Money Transfer is formulated in accordance with Canadian regulations, encompassing core principles to combat money laundering and terrorist financing activities. This program ensures protection against exploitation by perpetrators. Its adoption aligns with Canadian regulations to achieve compliance with the following:
The Canadian Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regime consists of several regulations and legislation aimed at combating financial crimes. Here are some key regulations in Canada:
Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA): This act forms the foundation of Canada's AML/CFT framework and sets out obligations for reporting entities, such as financial institutions, money services businesses, and other regulated entities.
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR): These regulations provide detailed requirements for reporting entities, including customer identification and verification, record-keeping, and reporting suspicious transactions.
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC): FINTRAC is the regulatory authority responsible for enforcing AML/CFT regulations in Canada. It collects, analyzes, and discloses financial intelligence to combat money laundering, terrorist financing, and other threats to the integrity of Canada's financial system.
Guidance documents and guidelines: FINTRAC issues various guidance documents and guidelines to assist reporting entities in understanding their obligations and implementing effective AML/CFT programs. These include guidance on risk assessments, record-keeping, reporting, and compliance measures.
Criminal Code of Canada: The Criminal Code includes provisions related to money laundering, terrorist financing, and related offenses. It sets out criminal penalties for individuals involved in these activities.
Know Your Customer (KYC)
At Forex Calgary Money Transfer, we adhere to a robust identity verification process for all customers in accordance with local and international Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) regulations, regardless of the transaction amount.
KYC, which stands for "Know Your Customer," serves as a fundamental component of our AML/CTF policies and procedures. It entails conducting diligent assessments to establish the true identity, beneficial ownership of accounts, source of funds, and the nature of the customer's business, among other pertinent details. KYC controls extend beyond mere name matching, encompassing the monitoring of customer transactions in relation to their documented profile and transaction history, among other factors.
Customer Due Diligence (CDD)
As part of our Customer Due Diligence (CDD) process, Forex Calgary Money Transfer collects pertinent information from all customers to ensure that their transactions align with their profile or business activities. This helps us verify the legitimacy of the source of funds and the purpose of the transaction.
Enhance Due Diligence (EDD)
In addition to gathering customer information and understanding their source of funds, Enhanced Due Diligence (EDD) involves implementing supplementary measures. These measures aim to gain further insights into the customer's background and ensure that their transactions are commensurate with their financial capacity. Forex Calgary Money Transfer employs a risk-based approach to identify and mitigate potential risks, verifying the legitimacy of funds and mitigating any association with criminal proceeds.
Employee Training
At Forex Calgary Money Transfer, AML (Anti-Money Laundering) and Compliance training form an essential part of our Compliance Program. New employees receive an induction training session within one month of their joining date. Through comprehensive AML and Compliance training, we ensure that our employees are well-informed about relevant laws, standards, and our AML/CFT (Counter Financing of Terrorism) policies and procedures.
Record Keeping
Forex Calgary Money Transfer retains records, documents, data, and statistics pertaining to all financial transactions, including local and international commercial as well as cash transactions. These records are maintained for a minimum period of five years, starting from the date of transaction completion or termination of the business relationship with the customer.