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).
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.
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.
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.
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.