Compliance

 

Money laundering and Terrorist Financing have been recognised as serious threats to financial industry. As a money service business Kantor Currency Exchange is fully committed to cooperating with Canadian authorities in compliance with its obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its supporting Regulations. To that end, we have put in place a compliance regime that is based on strong foundation to comply with regulatory requirements of client identification, record keeping and reporting to FINTRAC.

As a part of our compliance regime, Kantor Currency Exchange has designed and implemented policies and procedures to detect, prevent and report suspicious activities and transactions. Our compliance department verifies and documents the identity of every client and maintains detailed records of all transactions. We conduct periodic reviews of our policies and procedures and provide ongoing compliance training to all staff.

Kantor Currency Exchange is obliged by legislation to collect information from our clients during the course of a transaction. Any personal information the client provides is only used for a sole purpose of client’s identification in order to process the transaction. It will not be used or disclosed for any purposes other than those set out by regulations. Compliance with privacy legislation is a key priority and all of our staff are trained to handle client information with the utmost care and discretion.