For most of us, audits and examinations are as much fun as they sound, but both serve a useful purpose—other than raising our blood pressure. The best time to get ready for a FINTRAC examination is long before the regulator calls to let you know you’ll be examined.
It’s not often Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) makes national headlines, but it did just that in April. The story referred to a controversial decision not to release the name of a bank fined more than $1 million for various infractions under Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
Why should the Canadian jewellery industry care about ethical challenges in the diamond supply that largely occur elsewhere in the world? It’s a common question industry members ask me, many of whom feel insulated from the vulnerabilities of faraway and less stable or less governed jurisdictions.
If, after reading the title of this article, your chest tightened a bit, your pulse rate spiked, and you had a hard time swallowing, rest assured, these are not uncommon responses. There’s no need to speed dial your physician quite yet.
John Azadian is a busy man. Between visiting the overseas factories where his collections of Di Donna jewellery are made, and running the operation from his Montreal office, he is sometimes a little short on time.
“Who will buy ‘old gold’? Is the legitimate jeweller going to get this business?” It’s a question many jewellers today might ask as they consider whether to get into the cash-for-gold game. It’s also the headline of a 1933 article in the Canadian Jewellers Association’s (CJA’s) publication at the time, warning Toronto’s jewellers of an influx of ‘old gold’ operations infringing on their would-be territory and encouraging them to get in on the action.
Confusion over whether a business is exempt from having an anti-money laundering compliance regime/program in place is prompting the Canadian Jewellers Association (CJA) and Jewellers Vigilance Canada (JVC) to clarify your legal obligations.
Dealers in precious metals and stones (DPMS) will soon be receiving notice to report back on how well they are in compliance with the Proceeds of Crime (Money-Laundering) and Terrorist Financing Act (PCMLTFA).