Posts Tagged 'FINTRAC'

When MSBs are at risk of financial penalty

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Why MSBs should seek legal counsel when they are at risk of financial penalty from FINTRAC:  Read the story here.

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FINTRAC issues another penalty against MSB

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On October 5, 2012, FINTRAC issued another Notice of Violation against an MSB -Dubai Exchange & Travel Inc., Exchange Dubai and Dubai Exchange, a money services business in Toronto, Ontario – for six violations.  FINTRAC published the details on its website on December 14, 2012.  See it here.

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Money Laundering Charges Laid Against Lawyer, FINTRAC Assists RCMP In Investigation

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On June 7, 2012, The RCMP charged an Ontario lawyer with fraud and money laundering offences in relation to several million dollars alleged to be proceeds of crime.  The investigation was aided by FINTRAC.  Click here to read the story.

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The Real Estate Industry And Its Obligations Under The PCMLTFA

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The Proceeds of Crime Money Laundering Terrorist Financing Act (PCMLTFA) applies to real estate brokers and sales representatives/agents.  A broker or agent/representative is defined under the Act as a person or entity that is registered or licensed in a province to sell or purchase real estate.  For employees of a reporting entity, the requirements under the PCMLTFA are the responsibility of the broker.  However, the employee still has obligations to report suspicious transactions and terrorist property.

The obligations under the PCMLTFA ...

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Money Service Businesses, The PCMLTFA, and FINTRAC

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All Money Service Businesses (MSBs) in Canada have legal obligations under the Proceeds of Crime (Money Laundering) Terrorist Financing Act and must be registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

A money service business refers to a person or entity that engages in foreign exchange dealing, remitting or transmitting funds, issuing or redeeming money orders, traveller’s cheques and other similar negotiable instruments (but doesn’t include cashing cheques made out to a particular individual or entity), and ...

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Proposed changes to the PCMLTFR

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Proposed changes to the Regulations mean greater chance of running into trouble with FINTRAC

The Canadian government is looking to make changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR).  If these changes go through, it will create further obligations for reporting entities under our anti-money laundering / anti-terrorist financing regime.  This, in turn, means greater potential for FINTRAC to find deficiencies during the FINTRAC exam process.

Basically, the government is looking to expand the scope of customer ...

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