Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act Consumer Information from The Canadian Bankers Association Canada has a history of maintaining one of Members of the Canadian Bankers the most sound and secure financial systems Association have always been committed to in the world, and new measures are treating your personal information continually introduced to ensure the system’s confidentially and will continue to do so. ongoing integrity. New regulations under the Canada’s privacy legislation (Personal Proceeds of Crime (Money Laundering) and Information Protection and Electronic Terrorist Financing Act came into effect on Documents Act) allows for the disclosure of June 12, 2002. These regulations require that personal information where it is required by all financial institutions: law, as it is in this case. Ø Record a date of birth and occupation for Banks will not report to FINTRAC information all individuals (and up to three signing provided to the bank for the purposes of officers on business accounts) when a opening an account or using our over-the- new account is opened. Financial counter services except in the following institutions are prohibited from opening a situations: new account if this information is not provided. Ø if it is later determined that a transaction Ø Financial institutions must also attempt to was “suspicious” (outside the normal determine if an account will be used by pattern of activity), or is requested by someone other than the person opening FINTRAC; the account. Ø the transaction was a prescribed type of Ø Record the following information when international electronic funds transfer of processing a transaction of $3000 or more $10,000 or more. for a person who does not have an account with that financial institution: In these cases the financial institution is name, address, date of birth, and the type required to report the transaction to FINTRAC of identification that was presented. under the federal government’s money Ø Automatically report prescribed electronic laundering and anti-terrorism legislation. funds transfers into or out of Canada of $10,000 or more to the Financial To find out more about the federal money Transactions Reports Analysis Centre of laundering and anti-terrorist legislation contact Canada (FINTRAC). FINTRAC at 1-866-346-8722 or visit its web site at www.fintrac.gc.ca.
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