Each Broker must ensure they are aware of and comply with their obligations under AML Regulations. It is your responsibility to ensure that you have appropriate written procedures in place which cover the five mandatory components. A written policy is a regulatory requirement which, in the event you are audited by FINTRAC and are unable to evidence your compliance with the regulation, may result in financial penalties. Key points which affect you and your business are: client identification verification requirements identify source of funds, identify third party ownership and payers, beneficial ownership, politically exposed persons & HIOs and suspicious transaction reporting.
Each Broker/Agency must have written AML/ATF procedures and a process to audit compliance and enforcement of those procedures. For more information or details regarding your obligations, we encourage you to visit the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) at https://www.fintrac-canafe.gc.ca/. You will also find resources and a template to assist you in preparing your own Policy & Procedure document on HUBLINK.
Remember,
Good Business is Compliant and Compliance Matters!
