Compliance
Compliance
Registration with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada)
1- All money services businesses (MSBs) operating in Canada are required to register with FINTRAC. Registration confirms that the business is subject to Canada’s federal anti-money laundering and anti-terrorist financing requirements, including compliance and reporting obligations.
🔗 Verify an MSB’s registration with FINTRAC:
https://fintrac-canafe.canada.ca/msb-esm/reg-eng
2- Compliance with the Bank of Canada’s Retail Payment Activities Act (RPAA)
Under Canada’s Retail Payment Activities Act (RPAA), certain payment service providers are required to register with the Bank of Canada and comply with applicable regulatory requirements.
These requirements include measures designed to safeguard end-user funds, where applicable, and establish standards for operational risk management and the protection of customers.
Consumers should check whether a payment service provider is registered, has applied for registration, or is otherwise subject to the Bank of Canada’s retail payments supervision framework. A refusal or revocation of registration may be an important red flag that should be carefully considered before transferring funds.
🔗 Check the Bank of Canada’s Payment Service Provider (PSP) Registry:
https://www.bankofcanada.ca/regulatory-oversight/retail-payments/psp-registry/
3- Know Your Customer (KYC) Requirements
Requesting valid identification and verifying a customer’s identity are important legal and regulatory requirements for money services businesses in Canada.
Customers should exercise caution when dealing with businesses that are willing to transfer significant amounts of money without appropriate identification or verification procedures. Such practices may expose both the business and its customers to serious legal, regulatory, and financial risks.
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📌 Recommendation:
Before conducting any significant financial transaction, always verify the registration and regulatory status of the money services business you intend to use through the official FINTRAC and Bank of Canada resources provided above
Anti-money laundering compliance program ACE has adopted a proactive approach to compliance with the proceeds of crime & terrorist financing Act. When you deal with us, you can be absolutely certain that you are dealing with an ethical financial entity and that none of the funds channeled through us are passed for the purposes of illegal activity.
We Have also instituted a comprehensive training program for all of our staff in order to ensure that they are fully aware of the guidelines and are able to implement its regulations.
Attar Currency Exchange (ACE) the operation business in Canada, is registered with FINTRAC as an MSB (money service business). The guidelines and the act can be accessed on the FINTRAC Website: www.fintrac.gc.ca