Canadian Express Money Transfer

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Know Our Policies

Anti-Money Laundering Policy Statement

Being a Canadian company, we strongly feel that money laundering is a crime against humanity and at Canadian Express Money Transfer we are strongly committed to preventing the use of its operations for money laundering or any activity, which facilitate money laundering, or the funding of terrorist or criminal activities. Accordingly, the Company will comply with all applicable laws, and regulations designed to combat money laundering activity and terrorist financing, enacted by the Government of Canada, all International Laws to which the Government of Canada is a subscribe including the USA patriot Act and will cooperate with the appropriate authorities in efforts to prevent any such misuse of the financial channels.
Every employee is required to act in furtherance of this policy statement to protect the Company from exploitation by money launders or terrorists.

 

Money Laundering is the process/act that disguises the illegal origin of the money. Money Laundering is a result of many criminal acts to generate a profit for an individual or group that carries out the act. Now a day’s money laundering has turned into a serious crime and in the last couple of years, the world has a serious concern towards it. Various measures have been taken to stop this unlawful act. Even in some countries, regulatory bodies have been formed to eliminate this crime such as FINTRAC in Canada. It is essential for us to know the effects which money laundering is creating on our economy specifically and our society in general. Money laundering is not only affecting our economy here in Canada it also is affecting mostly under developed countries, they become the victim of this Money laundering where the law enforcement agencies are unable to play their respective roles. That results in the following effects:

  • Feeble economic policies
  • Loss of Revenue
  • Negative image of private sector
  • Less foreign investment
  • Weaknesses of Financial Markets
  • Increase in Crime and Corruption

In this prevailing scenario, to restrict this criminal phenomenon, Canadian Express Money Transfer Inc. is trying to establish comprehensive anti money laundering strategic programmes aimed at:

  • Raising awareness on money laundering issues
  • Assisting law enforcement agencies and authorities to trace, seize, and confiscate criminally derived profits.
  • Introducing Know Your Customer Policy (KYC)
  • Reasonable measures to obtain information about the true identity of the persons on whose behalf a transaction is made.
  • Record keeping procedures- Maintain, for a specific time period, all necessary records on transactions, both domestic or international
  • Special attention to all complex, unusual large transactions. Keep abreast with latest techniques and information’s available online and through regulatory bodies here in Canada.

Know Your Clients Policy

Canadian Express Money Transfer Inc, hereinafter will be describedin this document as “We”and”The Company” As a money services business, we identify individuals and confirm the existence of entities for certain activities and transactions, as listed below. Entities can be corporations, trusts, partnerships, funds, and unincorporated associations or organizations.
When wemust confirm the existence of an entity that is a corporation, alsowe verify its name and address, and the names of the corporation’s directors.

The formation of a business relationship and the ensuing obligations are tied to our requirement to identify clients. For non-account-based relationships, weare in a business relationship with every individual we have had to identify at least twice, and with every entity whose existence you have had to confirm at least twice. If you have not identified an individual or confirmed the existence of an entity because an exception applied, you are still considered to be in a business relationship, and must conduct ongoing monitoring and keep certain records.

We also are required to take reasonable measures to determine if a client is acting on the instruction of a third party when creating a client information record or conducting a large cash transaction. In this case, reasonable measures may include asking the individual, or relying on information you may already have about the individual. If we determine that the individual in front of us is acting on someone else’s instructions, that “someone else” is the third party.

As a money services business, we are responsible for identifying clients for:

  • Issuing or redeeming negotiable instruments of $3,000 or more
  • Remittances or transmissions of $1,000 or more
  • Foreign currency exchange of $3,000 or more
  • Large cash transactions
  • Suspicious transactions
  • Client information records

1.Issuing or redeeming negotiable instruments of $3,000 or more

We must identify any individual who conducts a transaction for the issuance or redemption of negotiable instruments, such as traveller’s cheques or money orders of $3,000 or more, at the time the transaction takes place.

2.Remittances or transmissions of $1,000 or more

When We remit or transmit $1,000 or more by any means, We identify the individual who makes the request at the time the transaction takes place.

For example, when a client sends $1,000 or more through an electronic funds transfer (EFT), We identify the individual who makes the request at the time the transaction takes place. An EFT means the transmission of instructions, through any electronic, magnetic or optical device, telephone instrument or computer, for the transfer of funds to or from Canada.

If a client transmits funds as an EFT of any amount at the request of a client, including an EFT sent within Canada that is a SWIFT MT 103 message, we include originator information.

If We receive an EFT of any amount, including an EFT sent within Canada that is a SWIFT MT 103 message, We take reasonable measures to ensure it includes originator information. In this context, reasonable measures could include contacting the institution that sent the payment instructions.

3. Foreign currency exchange of $3,000 or more

When a client exchanges $3,000 or more in foreign currency, we identify the individual conducting the transaction at the time the transaction takes place.

4.Large cash transactions

We identify every individual who conducts a large cash transaction at the time the transaction takes place. A large cash transaction occurs when you receive $10,000 or more in cash in a single transaction. A large cash transaction also occurs when there are multiple cash transactions of less than $10,000 each that total $10,000 or more within a 24-hour period, when you know that they are conducted by, or on behalf of the same individual or entity.

5. Suspicious transactions

We take reasonable measures to identify individuals who conduct or attempt to conduct suspicious transactions before sending a Suspicious Transaction Report. Reasonable measures in this case may include asking the individual to provide photo identification.

All suspicious transactions and attempted suspicious transactions, including transactions that are normally exempt from client identification requirements, requires taking reasonable measures to identify them.

6. Client information records

We most likely confirm the existence of an entity when we create a client information record for an ongoing service agreement for electronic funds transfers, funds remittance or foreign exchange services. This includes a service agreement for the issuance or redemption of money orders, traveller’s cheques or other negotiable instruments.
We always confirm the existence of an entity within 30 days of creating a client information record.

Keeping client identification information up to date

We update our client information at a frequency that will vary based on the risk assessment. As a part of our on going monitoring requirements, we keep all client identification information up to date. High-risk clients’ identification information we update more frequently, and we take any other appropriate enhanced measures, to keep client identification information up to date, we take appropriate measures such as asking the client to provide information to confirm or update their identification information. In the case of an individual, this may include confirming or updating the information by using the options that are available to identify individuals who are not physically present.
In the case of clients that are entities, measures to keep client identification information up to date may include consulting a paper or electronic record, or obtaining information verbally.

Exceptions

We do not have re-identify an individual or re-confirm the existence of an entity if we previously have done so, using the methods specified in the Regulations in place at the time and kept the associated records, so long as we have no doubts about the information used.

We do not verify the names of the directors when we have confirmed the existence of a corporation that is a securities dealer.

As per FINTRAC regulations We do not have to identify an individual who conducts a large cash transaction if it is properly verified that the cash is received from a financial entity or public body.

You do not have to verify the identity of an authorized employee who conducts a transaction for their employer under a service agreement.

We do not have to take reasonable measures to identify the individual who conducts or attempts to conduct a suspicious transaction only if:

  • We have already identified the individual as required and have no doubts about the identification information; or
  • We believe that identifying the individual would inform them that you are submitting a Suspicious Transaction Report.

KYC Know your customer

Data security and Know Your Customer requirements have become pertinent issues across the globe, with increasing pressure on governments to adopt strict policies.
As a result, there has been a rapid increase in regulations and international compliance standards, which organizations must comply with, to operate with integrity and trust.
Canadian Express Money Transfer Inc.(Canada). is proud to be fully compliant with these standards, which keeps us operational under Canadian regulations and financial tracking laws, and to be spearheading our business in a legitimate marketplace.
Our compliance regulation-driven money transfer platforms ensure that our operations are always in strict adherence with the Know Your Customer procedures and Anti-Money Laundering policies set by regulatory authorities.
For money transfer to your loved ones quickly and smoothly, please register online or walk-in to our office. Create an account with us and start sending money.
Registering with Canadian express money is a one-time process*. We will assign an account number to our customer. With assigned account number, you can log in, call, email us and or walk in to send money quickly That’s why we require from all our clients to provide us,at least one valid picture ID(federal or provincial).

  • Valid driver’s Licence (any province of Canada) photo copy/picture.
  • photocopy/picture of Canadian Passport.
  • Valid PR Card. photocopy/picture.