In Canada, reporting entities 🏦 are businesses and organizations required to follow specific laws under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). These businesses must meet certain obligations, including reporting transactions that seem suspicious 🔍, large cash transactions 💵, and certain transfers.
Common examples of reporting entities include:
- Banks/Financial Institutions 🏦 – like credit unions and trust companies.
- Securities Dealers 📈 – those involved in trading and investment services.
- Life Insurance Providers 🛡️ – dealing with individual or group policies.
- Money service businesses (MSBs) 💱 – offering services like currency exchange or money transfers.
- Accountants and Accounting Firms 🧮 – when involved in certain financial activities like buying or selling real estate.
- Real Estate Agents/Brokers 🏘️ – involved in property transactions.
- Dealers in Precious Metals and Stones 💎 – when buying or selling these goods with cash.
These entities have responsibilities like:
- Reporting suspicious activity 🔍.
- Keeping records of transactions 📜.
- Creating an AML compliance program 🛡️.
- Verifying the identity of clients during certain transactions 🆔.
These obligations are monitored by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), which ensures compliance with the regulations ✅.
If you are a reporting entity and looking for Compliance Services, contact us today!
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