🤑 Anti-Money Laundering in Canada | ComplyAdvantage

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AML Form for an Individual (Form 1). NZ Funds as a financial institution is required by law to collect identity and address information on its clients. This form is to.


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FINRA provides a template for small firms (Word format KB) to assist them in fulfilling their responsibilities to establish the Anti-Money Laundering Program.


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In our Anti-Money Laundering in Canada report, we break down changes to In practical terms, the changes to STR reporting mainly take the form of.


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The Australian government has introduced legislation called the 'Anti-Money Laundering and Counter Terrorism Financing Act ' which is designed to.


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Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). What does Canada's AML legislation mean to you? As of June 23, , you.


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Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). What does Canada's AML legislation mean to you? As of June 23, , you.


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Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). What does Canada's AML legislation mean to you? As of June 23, , you.


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The Australian government has introduced legislation called the 'Anti-Money Laundering and Counter Terrorism Financing Act ' which is designed to.


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If a financial leasing enterprise forms a suspicion of money laundering or terrorist financing and reasonably believes that performing the CDD process will tip-off.


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Anti Money Laundering - AML

It's important to leave ample time for you to complete your report and request additional information, if necessary.{/INSERTKEYS}{/PARAGRAPH} Establish each new customer's identity when you start the relationship. In addition, if you fail to comply, Sun Life Financial can terminate your contract. Insurance transactions also allow the launderers to change the form of funds, not just from cash in-hand to cash on-deposit, but from cash to a secure and liquid asset in an entirely different form, such as a big refund cheque issued by and bearing the name of the insurance company. Financial institutions are prime targets because they may provide a variety of services and instruments which permit launderers to conceal the sources of dirty money. For example:. Record-keeping will be encompassed by the reporting process. In both cases, information from the reports provides law enforcement agencies with an additional tool for building a successful case. Because each case is unique and involves many considerations, there is no definitive checklist of characteristics of a suspicious transaction. In most cases, this involves a trail of financial transactions which can be unusual. You should assess all relevant factors, including your knowledge of the customer's business and circumstances, financial history, background and usual behaviour. Red flags tend to emerge. See Appendix B for a list of the information you will have to enter. The day time limit begins when you encounter a reason to suspect the transaction. See Appendix A for information about Canada's strengthened money laundering and terrorist financing legislation, about FINTRAC, the agency to which we will submit your reports, and about Canada's part in the international fight against money laundering and terrorist financing. No one knows the actual amount of money laundered yearly, although it has been suggested by the International Monetary Fund to be between two and five per cent of global GDP. The need to report suspicious transactions makes it more important than ever that you take the time to get to know your customers. Yes, including all life and health insurance products, all savings and investment products, and annuities. Moreover, according to forensic accountants, it is significantly cheaper to launder a dirty dollar here compared to the U. The customer's question, in this case, could be considered suspicious. Once a transaction has been initiated, however, you must allow it to continue. Regulatory guidelines list examples of common indicators and examples of industry-specific indicators that might point to a suspicious transaction. If you need guidance, you can email Money Laundering. For example, if a transaction takes place on February 1 and a reason to suspect it doesn't come to light until you meet the customer again on July 1 for a portfolio review, then you must report the transaction by July You should contact Money Laundering immediately to allow enough time for you to complete the report within the day time limit. For more examples of money laundering techniques, see www. There is a subjective aspect to deciding whether a transaction is suspicious. The report is lengthy and requires basic information about the transaction and the customer. Failing to comply with reporting requirements can lead to criminal charges and stiff fines against you and Sun Life Financial. As an advisor, you have the right to refuse to enter into a relationship with a customer who makes you uncomfortable. These measures will help maintain the integrity of Canada's financial infrastructure. There are as many methods to launder money as the imagination allows, and the schemes are becoming more complex as technology advances. Completing the transaction process will avoid future problems if your suspicion proves to be unfounded, and avoid tipping off the customer if your suspicion is correct. The fundamental aim of terrorist financing is to obtain resources to support terrorist activities. The same type of transaction could be the norm for one customer but could arouse suspicion if it's requested by another customer. Does the requirement to report attempted and completed suspicious transactions apply to all products? You are protected from criminal and civil legal proceedings for submitting suspicious transaction reports in good faith. They also represent sound business practices for reducing your risk of being drawn into money laundering or terrorist financing schemes and facing the serious consequences. You'll need to consider each case globally and evaluate several relevant factors, such as the customer's occupation, normal business practices, financial history, past investment patterns, background and behaviour. That's expected - don't let a concern about multiple reports stop you from filing your report. Canada is considered an attractive jurisdiction for money laundering and terrorist financing because of its stable currency and relatively strong economy, its long, un-defended border and huge volume of commercial and financial trade with the U. The money laundering process usually involves a complex series of activities aimed at turning criminal profit into legitimate assets. FINTRAC is an independent agency responsible for collecting, analyzing and, in appropriate circumstances, disclosing information about suspicious transactions. See Appendix C in this document for some indicators you could most likely encounter. Appendix B - Information required in a suspicious transaction report. Send an email to Money Laundering as soon as your suspicions are aroused, saying you have a suspicious transaction to report. What are the penalties if I don't comply with the requirement to report suspicious transactions? The ultimate objective is to make the dirty money look like clean money, so the criminal origin is difficult to trace and the money can be used in legitimate business. Several indicators considered together - not just one - might lead you to conclude there are reasonable grounds to suspect that a transaction is related to the commission of a money laundering or terrorist financing offence. Life insurance and investment products can be attractive to money launderers for several reasons. There are specific things we Sun Life Financial and you, the advisor need to do to comply with the Act and for risk management purposes:. The measures will help detect and deter organized criminal and terrorist activities in Canada and help ensure Canada is not used to facilitate money laundering for criminals and terrorists. If you have any questions, please e-mail Qualbus sunlife. You must submit a report within 30 days after your suspicions are aroused. To generate and launder funds, a terrorist organization must develop sources of funding and means of obscuring the links between those sources and the activities the funds support. This is done by intentionally killing, seriously harming or endangering a person, causing substantial property damage that is likely to seriously harm people or by seriously interfering with or disrupting essential services, facilities or systems. It needs to find a way to make sure that the funds are available and can be used to get whatever goods or services are needed to commit terrorist acts. Through reports to FINTRAC, a store of information is established for analysis by specialists trained in the detection of money laundering and terrorist financing. As of June 23, , you have to report a suspicious transaction either attempted or completed when there are reasonable grounds to suspect that it is related to a money laundering or terrorist financing offence. As the banking system makes it harder to launder the proceeds of crime, the professional launderers may turn to insurance and investment-type products. Your suspicion about a relationship to a money laundering or terrorist financing offence may be the result of more than one transaction. Terrorist activity has, as its main objective, to intimidate a population or compel a government to do something. Life insurance companies are most likely to be victimized at the layering stage of the money laundering process. Contact FINTRAC as soon as you have reason to suspect that a transaction might be related to the commission of a money laundering or terrorist financing offence. Also, it could be the consideration of many indicators, not just one indicator that lead you to a conclusion that the transaction could be suspicious. You do not have to keep a record of suspicious transactions. You must consider the transaction in the context of what's appropriate or usual for a particular customer or industry. Terrorist financing refers to supplying funds for terrorist activity. You must always be alert for any aspect of a transaction that seems out of the ordinary. How your reports will help in the fight against money laundering and terrorist financing. The sums needed to mount terrorist attacks are not always large and the associated transactions are not necessarily complex. You should examine each transaction in the context of what seems appropriate and is within normal practices, and consider all of the circumstances surrounding the transaction. You will have to keep certain records, verify the customer's identity, and report suspicious transactions completed and attempted , as well as certain other financial transactions, to FINTRAC:. {PARAGRAPH}{INSERTKEYS}As of June 23, , you have to report both attempted and completed "suspicious transactions" when there are reasonable grounds to suspect that the transaction is related to a money laundering or terrorist financing offence. Get to know each customer's business, background, family and financial situations, objectives and patterns. Money laundering is the process used to conceal the true origin and ownership of the proceeds of criminal activities, such as drug trafficking, fraud, extortion, and a host of other criminal offences. You also do not have to record transactions that you examined but decided did not have to be reported. Since reporting a suspicious transaction is everyone's responsibility, more than one person might report the same transaction. It also helps authorities recover laundered money later on. Is there a checklist that I can use to decide whether a transaction is suspicious? You must keep confidential the fact that you are filing a report. For more examples of terrorist financing techniques, see www. Appendix C - Suspicious transaction indicators that you would most likely encounter. Under this legislation, you are required to report completed and attempted suspicious transactions. It's also important to limit any discussion about whether to report a transaction as suspicious. You'll be contacted with instructions. A "suspicious transaction" is one where you have reasonable grounds to suspect that it is related to the commission of a money laundering or terrorist financing offence, whether or not the transaction was actually completed. In this case, include all the transactions that contributed to your suspicion in the same report. Telling your customer or other people could be considered an attempt on your part to interfere with a possible criminal investigation into money laundering. If you fail to report a suspicious transaction, Sun Life Financial may terminate your Advisor's Agreement. It's the most effective weapon against being used unwittingly to launder money. Are only transactions above a certain dollar amount considered suspicious? Its mandate is to collect, analyze and when appropriate disclose information to help detect and prevent money laundering and terrorist financing in Canada and abroad. In , the federal government introduced updated legislation Proceeds of Crime [Money Laundering] and Terrorist Financing Act to strengthen its existing anti-money laundering regime, with a view to enhancing Canada's war on crime and terrorism at home and abroad. Above all, be alert for any sign that should arouse suspicion. However, the list is not exhaustive. Two common money laundering methods you might encounter are:. If your customer asks whether you plan to report the transaction, simply say that we comply with the law. Reports of suspicious transactions are confidential.