At MTFX we work closely with government agencies and bankers to combat the threats of anti-money laundering and terrorist financing. Our compliance program in Canada has been developed around the framework of the proceeds of crime (Money Laundering) and Terrorist Financing Act (“PCMLTFA”). For added control we monitor the Office of Foreign Asset Control (OFAC) guidelines as a means of enhancing our compliance regime.
MTFX is registered with FINTRAC (Registration No. M08042065) and is required to comply strictly with the Proceeds of Crime (Money Laundering) & Terrorist Financing Act and associated regulations.
MONEY LAUNDERING
The prevention of money laundering is a key focus of regulatory authorities in developed countries. Money laundering regulations are designed to inhibit the movement of funds derived from criminal activity and to restrict the availability of money to fund terrorist activities.
MTFX is committed to preventing money laundering through its service and complies strictly with the regulatory requirements including taking such measures as the following:
- Identifying clients.
- Monitoring and reporting suspicious transactions.
- Maintaining client records for at least seven years.
IDENTIFICATION AND TRANSACTIONAL INFORMATION
MTFX is obliged by legislation to collect identification information from all clients and to verify that information prior to transacting with them. All money transmitters are subject to the same regulations. It is extremely important that you comply promptly and fully with any request we make for identification information, even if it is inconvenient.
MTFX may also require information as to the nature and purpose of the transaction you are proposing to enter into. The amount of information required will depend on the jurisdictions involved, but any such request for transactional information is equally important and will only be made if it is necessary for MTFX to comply with its statutory obligations.
NO CASH OR CHEQUES
In order to reduce the risk that our service could be used for money laundering purposes, we will not accept payment in cash or by cheques. All money received must be remitted to us on a “good funds basis”.
REPORTING OBLIGATIONS
MTFX is obliged to report all suspicious transactions. By using our service for improper purposes, you could expose yourself to criminal prosecution as we are bound to report any suspicion of such activities to the authorities. Examples of suspicious conduct include, but are not limited to:
- Breaking a large transaction into smaller transactions to avoid reporting thresholds.
- Providing false or misleading contact details.
CONTACT US
In order to fulfill any requests, answer any questions or address any concerns about our regulatory and compliance processes, please contact our Chief Anti-Money Laundering Officer by mail, fax or email at the following addresses:
