AML With Outlier
In Canada, the Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) obligations for Dealers in Precious Metals and Stones (DPMSs) are set out in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its accompanying regulations.
Our regulator is the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). In order to comply with the PCMLTFA and regulations, DPMSs are required to implement a compliance program. You are a DPMS if you buy or sell precious metals, precious stones or jewellery as part of your business activities.
The Canadian Jewellers Association (CJA) along with Jewellers Vigilance Canada (JVC) have formed a partnership with Outlier Solutions Inc. and developed an interactive tool to assist you with this task.
There are 5 components to complete a Compliance Program:
1) A Compliance Officer: the person who is responsible to develop and maintain your AML/ATF Compliance Program.
2) An AML/ATF Compliance Policies and Procedures: a written list of your AML/ATF Compliance responsibilities and what you are doing to be compliant.
3) A Risk Assessment: a complete assessment to determine what money laundering and terrorist financing risks your business may be suspectable to and an outline of what you are doing to mitigate those risks.
4) Annual Employee Training: document the completion of annual training for all staff who deal with customers or transactions and outline future training plans.
5) Effectiveness Reviews/Compliance Audit: complete assessment of your annual testing and reporting outlining how well your Compliance Program is working. A Compliance Audit tests your program (what you’ve documented) and operations (what you’re doing).
Learn more about recent changes to the AML/ATF Compliance Program and be sure to update yours accordingly.
For instructions on how to get started, click HERE.
To access Outlier’s Toolkit, click the “Visit Outlier” button below.
Outlier is proud to also offer CJA members 10% OFF personalized consulting services including Anti-Money Laundering (AML) Compliance Effectiveness Reviews. Get a quote today by contacting info@outliercanada.com!
