FINTRAC to prepare compliance assessment report

by eyetee | March 21, 2011 12:00 am

SB_dreamstime_13125136 — If selected to participate, dealers in precious metals and stones (DPMS) will have 30 days to complete a compliance report for FINTRAC.

Dealers in precious metals and stones (DPMS) will be put under the microscope this year when Financial Transactions Reports Analysis Centre of Canada (FINTRAC) conducts a compliance assessment report on the sector.

Its goal is to determine the extent to which selected companies are meeting legislative requirements under the Proceeds of Crime (Money-Laundering) and Terrorist Financing Act (PCMLTFA). It will look at 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.

For more information about compliance requirements, see ‘Guideline 4: Implementation of a Compliance Regime’ in the ‘Guidelines’ section of FINTRAC’s main website www.fintrac.gc.ca[2].

Click here[3] for a one-page summary of the legislative requirements for the DPMS sector. Please note jewellery manufacturers who never sell to the public, including family and friends, appear to be exempt.

Endnotes:

[Image]: http://www.jewellerybusiness.com/wp-content/uploads/2011/04/SB_dreamstime_13125136.jpg
www.fintrac.gc.ca: http://www.fintrac.gc.ca
Click here: http://www.jewellerybusiness.com/wp-content/uploads/2011/04/newsletter_20110321_DPMS%20Info%20FINTRAC.pdf

Source URL: https://www.jewellerybusiness.com/news/fintrac-to-prepare-compliance-assessment-report/