Tag Archives: FINTRAC

Comes out in the wash: Why complying with Canada’s anti-money laundering rules makes good business sense

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).

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The word on watches

In the context of the act and regulations, jewellery includes watches made with or containing precious metals and/or stones. If you are involved in a transaction as a buyer or seller with a watch that contains any precious metals or stones found in the definitions, that watch is considered ‘jewellery’ under the act and regulations.

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