Continental Currency Exchange is committed to assisting the government and its various agencies to combat the threat from money laundering and terrorist financing activities around the world. To that end, Continental Currency Exchange has put in place a leading training program and Compliance Regime that addresses the requirements both of Canada's money laundering legislation and The Proceeds of Crime (Money Laundering) & Terrorist Financing Act[PC(ML)TFA].
"Know Your Client"
Continental Currency Exchange is required to "know your client", including documenting and verifying client identification records, and tracking and maintaining detailed databases of all transaction records. Continental Currency Exchange is also now required to be sensitive to "suspicious activities", and "suspicious transactions" which will be reported to FINTRAC (Canada). Additionally, Continental Currency Exchange monitors all transactions for any terrorist financing activities of individuals, entities and for those countries identified by the United Nations and other national and international agencies.
Compliance Regime
These new laws require financial institutions to implement a "Compliance Regime" which includes appointment of a compliance officer and internal auditor. Continental Currency Exchange is required to prepare policies and regulations, to ensure staff compliance. Periodic reviews assess the effectiveness of these procedures, and ongoing compliance training ensures up to date information for all Continental Currency Exchange staff.
Policy and Procedures
Compliance policies and procedures have been established, including detailed client identification and verification requirements. In order to ensure authenticity, Continental Currency Exchange utilizes online resources and corporate search services to access public records when necessary. Continental Currency Exchange checks all transactions, persons and countries involved against a comprehensive database of undesirable persons, including the UN Terrorist lists. Required reports are filed with FINTRAC.
In Conclusion
At Continental Currency Exchange we want you to feel at ease with all personal and business transactions. Please rest assured that all information obtained is not released outside our company (see our Privacy Policy), other then the information required by FINTRAC. If you have any further questions, please contact your nearest branch.
