AML Compliance is your responsibility
The CJA is dedicated to ensuring that members are Anti-Money Laundering (AML) compliant by providing up to date information and compliance resources.
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
FINTRAC, a Canadian government regulatory agency, gathers information to assist with the detection, prevention, and deterrence of money laundering and the financing of terrorist activities.
FINTRAC is actively evaluating jewellers, known as Dealers in Precious Metals and Stones (DPMS), on their AML Compliance program. Penalties, including significant monetary penalties, for non-compliance are on the rise.
Are you a DPMS?
If you are a person or entity that, in the course of your business activities, buys or sells precious metals, precious stones or jewellery, you are considered a Dealers in Precious Metals and Stones (DPMS) and therefore have AML Compliance obligations.
How to Be AML Compliant
There are five elements of an AML Compliance program that must be documented.
- Appoint a Compliance Officer
- Policies and Procedures
- Risk Assessment & Risk Mitigation
- Ongoing annual employee training
- Effectiveness Review
The CJA has partnered with Outlier Solutions Inc. (Outlier) to ensure CJA members are AML Compliant. CJA members gain access to complimentary online on-demand AML Compliance tools valued at $2000.
Are there Penalties for Non-compliance?
FINTRAC has the legislative authority to issue administrative monetary penalties (AMPs) to jewellers who do not fulfill their AML Compliance obligations.
AML Compliance Tools
CJA members receive FREE access to online on-demand compliance tools. Valued at $2000, this member benefit is a MUST for jewellers.
FINTRAC UPDATES
Stay up to date with important notices from FINTRAC.
RESOURCES
Need more information? Additional resources available.
Updates & Notices
FINTRAC Reporting Obligations: When and How to file STRs, LCTRs, LVCTRs, LPEPRs, and Sanctions Evasion
Timely and effective compliance starts with understanding your reporting obligations. This article outlines the key FINTRAC reports for Dealers in Precious Metals and Precious Stones
How Major Events Can Raise Human Trafficking and Financial Crime Risks for Jewellery Businesses
Big international events, such as FIFA tournaments and concerts, attract more tourists and boost the local economy. However, they can also give criminals more chances
FINTRAC Reporting 101 for DPMS (STR, LCTR, LVCTR, LPEPR)
Dealers in precious metals and precious stones (DPMS) are obligated to file several reports with FINTRAC. FINTRAC reports should be filed electronically. FINTRAC’s Web Reporting
