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 publishes guidance on private-to-private information sharing
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published new guidance for businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing
FINTRAC publishes its 2024–25 Annual Report
FINTRAC today published its 2024–25 Annual Report, Safe Canadians, Secure Economy, which describes the critical impact the Centre is having in helping to protect the
FINTRAC imposes an administrative monetary penalty on HRA Group Holdings
FINTRAC announced today that it has imposed an administrative monetary penalty on HRA Group Holdings, also operating as HRA Group. Following a compliance examination, this
