Tag Archives: FINTRAC

Shining a light on compliance

In the world of glittering diamonds, precious metals, and high-value jewellery, dealers in precious metals and precious stones are not immune to money laundering or terrorist financing threats and risks. In fact, they play a key role in preventing and detecting financial crime and helping to safeguard Canada’s financial system and economy.

The importance of compliance

Dealers in precious metals and precious stones must fulfill specific obligations under the Proceeds of Crime (Money Laundering) … Continue reading Shining a light on compliance

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Cyberattack disrupts FINTRAC operations

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is currently managing a cyberattack. As a result, the financial intelligence agency has taken its corporate systems offline, to ensure their integrity and protect the information it maintains.

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Comes out in the wash: Why complying with Canada’s anti-money laundering rules makes good business sense

It’s not often Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) makes national headlines, but it did just that in April. The story referred to a controversial decision not to release the name of a bank fined more than $1 million for various infractions under Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

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The word on watches

In the context of the act and regulations, jewellery includes watches made with or containing precious metals and/or stones. If you are involved in a transaction as a buyer or seller with a watch that contains any precious metals or stones found in the definitions, that watch is considered ‘jewellery’ under the act and regulations.

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