GRC

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:

1. 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.

2. 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.

3. 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.

4. 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.

5. 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. 

Privacy Policy

We, Forex Calgary, are committed to protecting the privacy and security of our customers' personal information. This policy outlines how we collect, use, disclose, and protect your personal information in accordance with Canadian privacy laws, including the Personal Information Protection and Electronic Documents Act (PIPEDA).

Collection of Personal Information

We collect personal information from you when you use our money services, such as when you send or receive money. This information may include your name, address, date of birth, occupation, and government-issued identification, such as a driver's license or passport.

We may also collect information about your transactions, such as the amount and purpose of the transaction, and any associated fees.

Use of Personal Information

We use your personal information to provide you with our money services, including processing your transactions and complying with legal and regulatory requirements.

We may also use your information to communicate with you about our products and services, including sending you marketing materials, unless you have opted out of receiving such communications.

Disclosure of Personal Information

We may disclose your personal information to third parties in accordance with Canadian laws and regulations, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). This may include sharing your information with our service providers who assist us in providing our money services, such as payment processors and financial institutions. We may also disclose your information to law enforcement agencies, regulatory bodies, and other third parties as required by law.

Protection of Personal Information

We take reasonable measures to protect your personal information from unauthorized access, use, or disclosure. We use industry-standard security measures, to protect your information. However, no method of transmission over the internet or electronic storage is completely secure, and we cannot guarantee absolute security.

Retention of Personal Information

We will retain your personal information for as long as necessary to fulfill the purposes for which it was collected and to comply with our legal obligations.

Access and Correction of Personal Information

You have the right to access and correct your personal information that we hold. If you would like to access or correct your information, please contact us using the E-mail address info@forexcalgary.com.

Changes to this Policy

We reserve the right to change this policy at any time. Any changes will be posted on this page with an updated date.

Contact Us

If you have any questions or concerns about our privacy policy, or if you would like to exercise your rights to access or correct your personal information, please contact us at info@forexcalgary.com

Risk assessments play a crucial role in the operations of Forex Calgary Money Transfer as a Canadian Money Services Business (MSB) company. We prioritize the identification, evaluation, and mitigation of risks to ensure a secure and compliant environment. Our risk assessment process aligns with the specific requirements and guidelines set by Canadian regulatory authorities.

Here is an overview of our risk assessment approach as a Canadian MSB:

1. Risk Identification: We systematically identify and document potential risks that could impact our business operations. This includes internal risks (e.g., operational, financial, legal) and external risks (e.g., regulatory changes, market conditions).

2. Risk Evaluation: We assess the identified risks based on their likelihood of occurrence and potential impact on our business. This evaluation helps us prioritize risks and allocate appropriate resources for mitigation.

3. Regulatory Compliance: We assess the risks related to regulatory compliance, ensuring that we meet all legal obligations as an MSB in Canada. This includes compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations, customer due diligence requirements, record-keeping obligations, and reporting obligations to regulatory authorities.

4. Operational Risks: We evaluate risks associated with our operational processes, such as transaction processing, data security, technology infrastructure, and internal controls. This helps us identify vulnerabilities and implement necessary measures to mitigate these risks.

5. Mitigation Strategies: Based on the risk assessment outcomes, we develop and implement risk mitigation strategies. These strategies may involve enhancing internal controls, implementing additional safeguards, updating policies and procedures, conducting training programs, or seeking expert guidance where necessary.

6. Ongoing Monitoring and Review: We continuously monitor and review the effectiveness of our risk mitigation measures. This allows us to adapt and refine our strategies as needed, ensuring that risks are adequately managed over time.

By conducting comprehensive risk assessments, Forex Calgary Money Transfer proactively identifies and addresses potential risks, safeguarding our operations, clients, and regulatory compliance as a Canadian MSB company.