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 imposes an administrative monetary penalty on Birks Group Inc.
FINTRAC has announced that it has imposed an administrative monetary penalty on Birks Group Inc., also operating as Birks. Following a compliance examination, this dealer in precious metals
AML 101 Webinar Recap
Missed the AML 101 for Jewellers webinar? Don’t worry, you can watch the recording and access valubale resoureces using the links below. Have questions
FINTRAC publishes information on the implementation of new legislative amendments
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published information on the implementation of legislative amendments to the Proceeds of Crime (Money Laundering) and
