FINTRAC testing for compliance

by eyetee | February 21, 2012 1:37 pm

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Dealers in precious metals and stones (DPMS) will soon be receiving notice to report back on how well they are in compliance with the Proceeds of Crime (Money-Laundering) and Terrorist Financing Act (PCMLTFA).

Financial Transactions Reports Analysis Centre of Canada (FINTRAC)—the body that oversees compliance of reporting entities with legislation and regulations—is conducting an assessment on the jewellery sector. Specifically, it is looking at the extent to which selected companies are meeting the act’s requirements, including compliance, reporting, maintenance of client records, and policies and procedures regarding client identification.

If selected, a company is required to provide FINTRAC with the completed assessment within 30 days. Two more mailings will be sent out to the remaining DPMSs between April 2012 and March 2013.

The Canadian Jewellers Association (CJA) and Jewellers Vigilance Canada (JVC) are encouraging members to respond to the compliance report and reminding failure to do so could result in penalties under PCMLTFA.

“The CJA and JVC have worked very hard to help reduce the burden this legislation has on our members,” said CJA president and chief executive officer (CEO), David Ritter.

“Hopefully, the Anti-Money Laundering/Anti-Terrorist Financing (AML/ATF) Compliance Kit we developed will assist members in compliance with this government requirement.”

For more information about compliance regime requirements, see ‘Guideline 4: Implementation of a Compliance Regime’ available under ‘Guidelines’ at www.fintrac.gc.ca[2].

Source URL: https://www.jewellerybusiness.com/news/fintrac-testing-for-compliance/