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The Proceeds of Crime (Money Laundering) & Terrorist Financing Act and Regulations.
The Canadian Legislation
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations is designed to detect and deter money laundering and the financing of terrorist activities. It is also to facilitate investigations and prosecutions of money laundering and terrorist activity financing offences. This includes implementation of reporting and other requirements for financial service providers and those that engage in businesses, professions or activities susceptible to being used for money laundering or terrorist financing.
The PCMLTFA places obligations on specified entities requiring each entity to put in place specific policies and procedures which become a significant a part of unit’s / company’s everyday business operations, and which by there very being, are designed to deter the flow of criminal and terrorist funds through the Canadian Financial System.
An effective AML – ATF Program must include the following:
Appointment of a Compliance Officer
Policies & Procedures
Risk- Based Approach
Ongoing Compliance Training
Program Review Every Two Years
Pendragon can assist with the with the development and implementation of your compliance regime, helping you develop a compliance culture along with the information you need to develop an effective AML-ATF Program.