Anti-money Laundering

Anti-money Laundering (AML) Guidance, Presentation and Risk Based Approach Document Update
 
CJA has been in receipt of the draft AML Guidance document specific to our industry sector by FINTRAC (AML reporting and analysis agency), and shared the document with our members through our instant e-News Blast service.
CJA encourages its members to review the draft guidelines and provide feedback to Ken Mulhall, CJA.

Representatives from CJA, JVC, Libman & Company, Tiffany, Gem Star and C.D. Barcados have been involved in the process and have already provided valuable input with regards to the content of the AML guidance document. The initial input was accomplished through our involvement in the joint industry/government SWAT Team.

Over and above the draft guideline document, FINTRAC is producing a quick reference tool for dealers of precious metals and stones to comply with the AML Regulations that will be enforced starting on December 30, 2008. Our intention is to make the information very user friendly and ideal for quick staff training.

FINTRAC has begun to mail out information including to the one page quick reference tool to companies throughout Canada and cover letter outlining AML regulations obligations and timelines.  Information pertaining to FINTRAC and the AML regulations that will be enforced on December 30, 2008 can be found at www.fintrac-canafe.gc.ca or by telephone at 1-800-346-8722.

FINTRAC is planning on providing an overview of the key expectations of the upcoming AML regulations through methods such as presentations and arranging for booths at various trade shows. CJA strongly encourages its members to take advantage of the AML presentations and information booths. CJA and JVC will co-present with FINTRAC at JCK Toronto and the Western Canadian Jewellery Expo.  
 
Please note, the international Financial Action Task Force (FATF) Final Guidance for Dealers in Precious Metals and Stones, for identifying potential risks for our industry sector, is now complete and available at FATF website.

Ken Mulhall, CJA, participated in the electronic advisory group and helped ensure that the points addressed in the guidance document were at a high level, but not too specific. This was done to protect the interests of our members and ensure governments would not apply these to AML regulations.     
 
CJA and JVC will review the document in depth and extract some of the key points as we prepare our "Risk Based Approach" component within the AML Compliance Kit that will be available to the membership prior to the enforcement of the AML regulations.
 
If you have any questions relating to this important file, please contact Ken Mulhall at 416-368-7616/1-800-580-0942 x229.