It does not include a transmission or instructions for the transfer of funds: Footnote 19, Has the same meaning as in subsection 248(1) of the Income Tax Act.Footnote 20 (régime de participation des employés aux bénéfices), A body corporate, a trust, a partnership, a fund or an unincorporated association or organization.Footnote 21 (entité), Actual events, actions, occurrences or elements that exist or are known to have happened or existed. However, please note that the other ML/TF indicators in this guidance may also prove relevant in determining when you have reasonable grounds to suspect the commission of terrorist financing as the methods used by criminals to evade detection of money laundering are similar. In this context, the report must be completed promptly, taking into account the facts and circumstances of the situation. This guidance on suspicious transactions is applicable to real estate developers, brokers and sales representatives that are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations. HOME TRAINING MANDATORY TRAINING WHAT WE DO CONTACT US FINTRAC Please note that this training is required. (opération effectuée), The individual, with the necessary authority, that you appoint to be responsible for the implementation of your compliance program. it is a copy). A recent FINTRAC audit of our company has set out guidelines that all … (fiducie), A company that is referred to in any of paragraphs 5(d) to (e.1) of the Act. (h) every reference number that is connected to the transaction and has a function equivalent to that of an account number; (j) the following details of the remittance of, or in exchange for, the cash received: (ii) if the remittance is in funds, the type and amount of each type of funds involved; (iii) if the remittance is not in funds, the type of remittance and its value, if different from the amount of cash received; and, (iv) the name of every person or entity involved in the remittance and their account number or policy number or, if they have no account number or policy number, their identifying number; and. Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), S.C. 2000, c 17, s. 2(1). The ultimate beneficial owner(s) cannot be another corporation or entity; it must be the actual individual(s) who owns or controls the entity. For example, based on facts, having reasonable grounds to believe that a transaction is probably related to the commission or attempted commission of an ML/TF offence. In addition to the general ML/TF indicators that have been highlighted in this guidance, there may be more specific ML/TF indicators related to your business, when you act as an agent in the purchase or sale of real estate or as a real estate developer, when you sell a new house, a new condominium unit, a new commercial or industrial building or a new multi-unit residential building to the public. Financial Transactions and Reports Analysis Centre, société de notaires de la Colombie-Britannique, notaire public de la Colombie-Britannique, renseignements d'identification du client, entreprise d'acquisition de cartes de crédit, négociant en métaux précieux et pierres précieuses, régime de participation différée aux bénéfices, régime de participation des employés aux bénéfices, entreprise de services monétaires étrangère, dirigeant d'une organisation internationale, relevé d'opération importante en monnaie virtuelle, infraction de recyclage des produits de la criminalité, [Indicateurs de blanchiment d'argent (BA) et de financement du terrorisme (FT) (indicateurs de BA/FT)], mandataire d'une entreprise de services monétaires, origine des fonds ou de la monnaie virtuelle (MV), infraction de financement des activités terroristes, personne morale ou fiducie dont l'actif est très important, fiche d'opération de change en monnaie virtuelle), Ministerial directives and transaction restrictions, Foreign branches, subsidiaries and affiliates, Register your money services business (MSB), Financial transactions that must be reported, Reporting suspicious transactions to FINTRAC, Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism, Canadian Security Intelligence Service Act, Money laundering and terrorist financing indicators - Real estate, ML/TF indicators related to identifying the person or entity, ML/TF indicators related to client behaviour, ML/TF indicators related to the person/entity financial profile, ML/TF indicators based on atypical transactional activity, ML/TF indicators related to transactions structured below the reporting or identification requirements, ML/TF indicators related to transactions that involve non-Canadian jurisdictions, ML/TF indicators related to use of other parties, Indicators specifically related to terrorist financing, ML/TF indicators real estate agents and developers, ML/TF indicators real estate brokers and sales representatives. retrieving information already available, including information held in non-digital formats, or. (examen bisannuel de l'efficacité), In respect of a document or information that is used to verify identity, appears legitimate or authentic and does not appear to have been altered or had any information redacted. Footnote 70 (infraction de financement des activités terroristes), Any individual or entity that instructs another individual or entity to act on their behalf for a financial activity or transaction. Multiple transactions conducted below the reporting threshold within a short time period. (b) if the amount is received for deposit into an account, the name of each account holder; (d) the type and amount of each virtual currency involved in the receipt; (f) the number of every other account that is affected by the transaction, the type of account and the name of each account holder; (g) every reference number that is connected to the transaction and has a function equivalent to that of an account number; (h) every transaction identifier, including the sending and receiving addresses; and. (a) that is carried out by means of a credit or debit card or a prepaid payment product if the beneficiary has an agreement with the payment service provider that permits payment by that means for the provision of goods and services; (b) that involves the beneficiary withdrawing cash from their account; (c) that is carried out by means of a direct deposit or pre-authorized debit; (d) that is carried out by cheque imaging and presentment, (e) that is both initiated and finally received by persons or entities that are acting to clear or settle payment obligations between themselves; or. To help Realtors and brokerages determine when an STR needs to be filed, the following indicators of money laundering and terrorist financing can serve as ‘red flags’. An individual or entity other than the person or entity purchasing or selling property conducts the majority of the transaction activity which seems unnecessary or excessive. (f) that is initiated or finally received by a person or entity referred to in paragraphs 5(a) to (h.1) of the Act for the purpose of internal treasury management, including the management of their financial assets and liabilities, if one of the parties to the transaction is a subsidiary of the other or if they are subsidiaries of the same corporation. (a) an entity that is referred to in any of paragraphs 5(a), (b) and (d) to (f) of the Act; (c) a life insurance company, or an entity that is a life insurance broker or agent, in respect of loans or prepaid payment products that it offers to the public and accounts that it maintains with respect to those loans or prepaid payment products, other than: (i) loans that are made by the insurer to a policy holder if the insured person has a terminal illness that significantly reduces their life expectancy and the loan is secured by the value of an insurance policy; (ii) loans that are made by the insurer to the policy holder for the sole purpose of funding the life insurance policy; and. (d) the mother or father of their spouse or common-law partner; or. PCMLTFR, SOR/2002-184, s. 1(1) (as will be amended when SOR/2019-240 comes into force). However, this does not mean you should stop your assessment. During an assessment, FINTRAC will review your policies and procedures to see how you use ML/TF indicators within your STR program. providing other ancillary services to the merchant. ALL members of our company are asked to review the material and successfully complete the test. FINTRAC publishes an operational alert providing indicators of money laundering through casino-related underground banking By TaylorWarden , December 10, 2019 in Regulation The client's virtual currency wallet or address is linked to fraudulent activity in media reports and/or cyber security bulletins. There are certain types of transactions that may involve jurisdictions outside of Canada where there is higher ML/TF risk due to more permissible laws or the local ML/TF threat environment. The disposition is the purchase of the bank draft. The ability to detect, prevent and deter ML and/or TF begins with properly identifying the person or entity in order to review and report suspicious financial activity. (b) if the amount is received for deposit into an account, the number of the account, the name of each account holder and the time of the deposit or an indication that the deposit is made in a night deposit box outside the recipient's normal business hours; (c) the name and address of every other person or entity that is involved in the transaction, the nature of their principal business or their occupation and, in the case of a person, their date of birth; (d) the type and amount of each fiat currency involved in the receipt; (e) the method by which the cash is received; (f) if applicable, the exchange rates used and their source; (g) the number of every other account that is affected by the transaction, the type of account and the name of each account holder. Below are some examples of ML/TF indicators relating to the misuse of nominees. PCMLTFR, SOR/2002-184, s. 15(2) (as will be amended when SOR/2019-240 comes into force). For example, a person's wealth could originate from an accumulation of activities and occurrences such as business undertakings, family estates, previous and current employment income, investments, real estate, inheritance, lottery winnings, etc. (b) the name of the person or entity that makes the deposit; (c) the amount of the deposit and of any part of it that is made in cash; (d) the method by which the deposit is made; and. These ML/TF indicators do not cover every possible situation but were developed to provide you with a general understanding of what is or could be unusual or suspicious. (pénalité administrative pécuniaire [PAP]), An entity is affiliated with another entity if one of them is wholly owned by the other, if both are wholly owned by the same entity or if their financial statements are consolidated.Footnote 4 (entité du même groupe), Has the same meaning as in subsection 248(1) of the Income Tax ActFootnote 5 (rente), A time period that falls in-between immediately and as soon as possible, within which a suspicious transaction report (STR) must be submitted to FINTRAC. Such services can be abused so that criminals have access to the financial system without being identified. (a) Governor General, lieutenant governor or head of government; (b) member of the Senate or House of Commons or member of a legislature; (d) ambassador, or attaché or counsellor of an ambassador; (e) military officer with a rank of general or above; (f) president of a corporation that is wholly owned directly by Her Majesty in right of Canada or a province; (h) judge of an appellate court in a province, the Federal Court of Appeal or the Supreme Court of Canada; (i) leader or president of a political party represented in a legislature; (j) holder of any prescribed office or position; or. Virtual currency passes through mixers/tumblers and is transferred to multiple wallets, where the funds are cashed out. The ML/TF indicators in the following section are applicable to both suspected money laundering and/or terrorist financing. An offence under section 83.02, 83.03 or 83.04 of the Criminal Code or an offence under section 83.12 of the Criminal Code arising out of a contravention of section 83.08 of that Act. This request is usually sent by email. The disposition is the purchase of the bank draft. (vérifier l'identité d'un client), A corporation or trust that has minimum net assets of $75 million CAD on its last audited balance sheet. These ML/TF indicators may also be used to explain or articulate the rationale for your reasonable grounds to suspect in the narrative portion of an STR, as they provide valuable information from a financial intelligence perspective. Virtual currency address has links or hops from a wallet address that has appeared on online platforms indicating support for violent extremism or radicalization (including social media, ads on fundraising sites, sites on Tor or messaging sites). For example, based on your assessment of facts, context and ML/TF indicators you have reasonable grounds to suspect that a transaction is related to the commission or attempted commission of an ML/TF offence. A white paper in the VC context is a document issued by a new blockchain project before its Initial Coin Offering (ICO), which provides information such as the technology, methodology, product and service being launched. (infraction de recyclage des produits de la criminalité), Potential red flags that could initiate suspicion or indicate that something may be unusual in the absence of a reasonable explanation. As a real estate developer, broker or sales representative, you may observe these ML/TF indicators over the course of your business activities with a client. Suspected use of personal funds for business purposes, or vice-versa. (g) every reference number that is connected to the transaction and has a function equivalent to that of an account number. This includes the use and possession of any property to help carry out the terrorist activities. Funds are deposited or withdrawn from a virtual currency address or wallet with direct and indirect exposure links to known suspicious sources, including darknet marketplaces, mixing/tumbling services, questionable gambling sites, illegal activities (for example,  ransomware) and/or theft reports. Footnote 67 (fiche-signature), The issuer or provider of information or documents for verifying identification. (autorité compétente), Is a transaction conducted by a person or entity, that is completed and results in the movement of funds, virtual currency, or the purchase or sale of an asset. (possibilité), Gold, silver, palladium or platinum in the form of coins, bars, ingots or granules or in any other similar form.Footnote 52 (métal précieux), Diamonds, sapphires, emeralds, tanzanite, rubies or alexandrite.Footnote 53 (pierre précieuse), A product that is issued by a financial entity and that enables a person or entity to engage in a transaction by giving them electronic access to funds or virtual currency paid to a prepaid payment product account held with the financial entity in advance of the transaction. This operational alert provides indicators for money laundering carried out through trade and money services businesses. (tuteur), A review, conducted every two years (at a minimum), by an internal or external auditor to test the effectiveness of your policies and procedures, risk assessment, and training program. To ensure that you are referencing accurate information, FINTRAC encourages you to research publicly-available sources on a regular basis to support these ML/TF indicators as part of your STR program. December 2020. Client presents confusing details about the transaction or knows few details about its purpose. The following are examples to consider when making an assessment of the real estate transaction conducted by a person/entity through your business. (a) Governor General, lieutenant governor or head of government; (b) member of the Senate or House of Commons or member of a legislature; (d) ambassador, or attaché or counsellor of an ambassador; (e) military officer with a rank of general or above; (f) president of a corporation that is wholly owned directly by Her Majesty in right of Canada or a province; (h) judge of an appellate court in a province, the Federal Court of Appeal or the Supreme Court of Canada; (i) leader or president of a political party represented in a legislature; (j) holder of any prescribed office or position; or. You may also observe funds coming from or going to jurisdictions that are reported in the media as locations where terrorists operate/carry out attacks and/or where terrorists have a large support base (state sponsors or private citizens).
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