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
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.
FAQs
Questions to your most frequently asked AML Compliance questions and associated resources.
FINTRAC UPDATES
Stay up to date with important notices from FINTRAC.
RESOURCES
Additional resources available including short videos, webinars and MORE!
Updates & Notices
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
All you need to know about Sanctions Compliance requirements for Canadian Jewellers
Sanctions are laws that restrict doing business with certain individuals, companies, or countries. For Jewellers known as Dealers in Precious Metals and Stones businesses, complying
FINTRAC publishes a video on compliance obligations
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has published a video that provides an overview of its mandate and explains key compliance
