You are expected to periodically re-assess the client to verify that the level of suspicion has not changed. PCMLTFA, S.C. 2000, c 17, s. 9.4(3) and PCMLTFR, SOR/2002-184, s. 16(1)(b) (as will be amended when SOR/2019-240 comes into force). (renseignements d'identification du client), For the purpose of the criminal record check submitted with an application for registration, a competent authority is any person or organization that has the legally delegated or invested authority, capacity, or power to issue criminal record checks. The following are examples of deficiencies that FINTRAC has identified through its assessments and other compliance activities. Footnote 29 (opération de change en devise), A record respecting a foreign currency exchange transaction—including an entry in a transaction register—that sets out: Footnote 30, Persons and entities that do not have a place of business in Canada, that are engaged in the business of providing at least one of the following services that is directed at persons or entities in Canada, and that provide those services to their clients in Canada: Footnote 31, Except for the purposes of Part 2 of the Act, means a country other than Canada and includes any political subdivision or territory of a foreign state.Footnote 32 (État étranger), For greater certainty, it does not include virtual currency.Footnote 33 (fonds), A person who, at a given time, holds—or has held within a prescribed period before that time—the office or position of head of an international organization that is established by the governments of states or the head of an institution of any such organization.Footnote 34 (dirigeant d'une organisation internationale), A record that sets out the name and address of a person or entity and:Footnote 35, In respect of an electronic funds transfer, means the first transmission of the instructions for the transfer of funds.Footnote 36 (amorcer), For the purpose of section 15 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR), means a trust that is established by a corporation or other entity for a particular business purpose and includes a pension plan trust, a pension master trust, a supplemental pension plan trust, a mutual fund trust, a pooled fund trust, a registered retirement savings plan trust, a registered retirement income fund trust, a registered education savings plan trust, a group registered retirement savings plan trust, a deferred profit sharing plan trust, an employee profit sharing plan trust, a retirement compensation arrangement trust, an employee savings plan trust, a health and welfare trust, an unemployment benefit plan trust, a foreign insurance company trust, a foreign reinsurance trust, a reinsurance trust, a real estate investment trust, an environmental trust and a trust established in respect of endowment, a foundation or a registered charity.Footnote 37 (fiducie institutionnelle), An electronic funds transfer other than for the transfer of funds within Canada.Footnote 38 (télévirement international), A personal trust, other than a trust created by will. Footnote 39 (fiducie entre vifs), Objects that are made of gold, silver, palladium, platinum, pearls or precious stones and that are intended to be worn as a personal adornment.Footnote 40 (bijou), A record that indicates the receipt of an amount of $10,000 or more in cash in a single transaction and that contains the following information:Footnote 41, A record that indicates the receipt of an amount of $10,000 or more in virtual currency in a single transaction and that contains the following information:Footnote 42, A person or entity that is authorized under provincial legislation to carry on the business of arranging contracts of life insurance.Footnote 43 (représentant d'assurance-vie), A life company or foreign life company to which the Insurance Companies Act applies or a life insurance company regulated by a provincial Act.Footnote 44 (société d'assurance-vie), Has the same meaning as in section 1 of the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism.Footnote 45 (personne inscrite), When a person or entity uses promotional materials such as advertisements, graphics for websites or billboards, etc., with the intent to promote money services business (MSB) services and to acquire business from persons or entities in Canada. (agent de conformité), Written methodology outlining the obligations applicable to your business under the PCMLTFA and its associated Regulations and the corresponding processes and controls you put in place to address your obligations. They are to be left blank. An electronic funds transfer report is submitted to FINTRAC upon a transmission of instructions for the transfer of $10,000 or more out of or into Canada in a single transaction or in two or more transactions totalling $10,000 or more made within 24 consecutive hours by or on behalf of the same individual or entity, through any electronic, magnetic or optical device, telephone instrument or computer. Footnote 68 (SWIFT), Has the same meaning as in subsection 83.01(1) of the Criminal Code.Footnote 69 (activité terroriste). The funds in a transaction may have been used in several ways, therefore resulting in more than one disposition having to be detailed in your STR. (ii) remitting funds or transmitting funds by any means or through any person, entity or electronic funds transfer network. any client identification information not already captured in the transaction details listed in part B, i.e., known aliases or nicknames; additional contact information (phone numbers, email addresses, etc. (marketing ou publicité), In relation to sections 24.1 to 39, the Minister of Public Safety and Emergency Preparedness and, in relation to any other provision of this Act, the Minister of Finance.Footnote 46 (ministre), An offence under subsection 462.31(1) of the Criminal Code.Footnote 47 The United Nations defines money laundering as "any act or attempted act to disguise the source of money or assets derived from criminal activity." In addition, you cannot use a provincial health card for identification purposes where it is prohibited by provincial legislation. FINTRAC web reporting FINTRAC web reporting is a secure application accessed through the internet that allows you to manually submit individual reports, as well as correct them if needed. In other words, there is enough evidence to support a reasonable and trained person to believe, not just suspect, that ML/TF has occurred. This section includes standardized instructions for the level of effort that is required for certain fields as well as standard instructions for completing fields for identification, addresses, telephone numbers and occupation. (a) an entity that is referred to in any of paragraphs 5(a), (b) and (d) to (f) of the Act; (c) a life insurance company, or an entity that is a life insurance broker or agent, in respect of loans or prepaid payment products that it offers to the public and accounts that it maintains with respect to those loans or prepaid payment products, other than: (i) loans that are made by the insurer to a policy holder if the insured person has a terminal illness that significantly reduces their life expectancy and the loan is secured by the value of an insurance policy; (ii) loans that are made by the insurer to the policy holder for the sole purpose of funding the life insurance policy; and. If you are a life insurance company and you have foreign subsidiaries or foreign branches, the suspicious transaction reporting requirement does not apply to the operations of these subsidiaries or branches outside Canada. It excludes a product that: Footnote 54, An account – other than an account to which only a public body or, if doing so for the purposes of humanitarian aid, a registered charity as defined in subsection 248(1) of the Income Tax Act, can add funds or virtual currency – that is connected to a prepaid payment product and that permits:Footnote 55, Prescribed by regulations made by the Governor in Council.Footnote 56 (Version anglaise seulement), The likelihood in regards to completing a suspicious transaction report (STR) that a financial transaction is related to a money laundering/terrorist financing (ML/TF) offence. The business is listed in a Canadian business directory. Examples of additional actions that you may take include: Reporting an STR to FINTRAC does not prevent you from contacting law enforcement directly. See FINTRAC's Standard Batch Reporting Instructions and Specifications for more information. This legal responsibility cannot be delegated. A legal land description can be acceptable so long as the legal land description is specific enough to pinpoint the physical location of where the client lives. (a) that is carried out by means of a credit or debit card or a prepaid payment product if the beneficiary has an agreement with the payment service provider that permits payment by that means for the provision of goods and services; (b) that involves the beneficiary withdrawing cash from their account; (c) that is carried out by means of a direct deposit or pre-authorized debit; (d) that is carried out by cheque imaging and presentment, (e) that is both initiated and finally received by persons or entities that are acting to clear or settle payment obligations between themselves; or. FINTRAC recognizes this fact and emphasizes the need for reporting entities to have in place robust compliance regimes in order to ensure the quality of their STRs. PCMLTFA, S.C. 2000, c 17, s. 5(h), PCMLTFRR, SOR/2007-121, s. 1 and PCMLTFR, SOR/2002-184, s. 1(2). In this context, the report must be completed promptly, taking into account the facts and circumstances of the situation. If you receive a "Warning" message, the report has been accepted by FINTRAC but you should review the information submitted for accuracy and completeness. FINTRAC recently issued a new guidance to explain the changes which are being implemented. FINTRAC recognizes that the AML regime is one that constantly evolves. (évaluation des risques), A person or entity that is referred to in paragraph 5(g) of the Act.Footnote 63 (courtier en valeurs mobilières), In respect of an entity, means: Footnote 64. FINTRAC reviews each report that is submitted to ensure that mandatory information is provided as per the PCMLTFA and associated Regulations. Insert a spreadsheet or include the additional transactions in Part G of the identifiers changes to a business for,. 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