Canada s Proceeds of Crime _Money Laundering_ and Terrorist by pengxuebo


									      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

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