***To get started on your AML/CTF Compliance Program (FREE FOR MEMBERS), contact alanna@canadianjewellers.com *** 

In Canada, the Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) 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) Appoint a Compliance Officer: a person who oversees and acts as point person for the AML and CTF compliance program

2) Develop Policies and Procedures: a document or set of documents outlining what you do to comply with the law

3) Complete your Risk Assessment: a document that describes the risk that your business could be used to launder money or finance terrorism, and the controls in place to stop that from happening

4) Train your Employees: all staff who deal with customers or transactions must be trained on AML at least once per year

5) Effectiveness Reviews (also called 2-year reviews or audits): compliance audit that tests your program (what you’ve documented) and operations (what you’re doing) that must be completed at least every two years

Learn more about recent changes to the AML/CTF Compliance Program and be sure to update yours accordingly. For more information, about the Outlier AML Compliance Kit (FREE FOR MEMBERS), consult the FAQs. 

***To get started on your AML/CTF Compliance Program (FREE FOR MEMBERS), contact alanna@canadianjewellers.com ***   

Outlier Solutions Inc. is happy to offer on demand products to members of the Canadian Jewellers Association (CJA) free of charge.  Outlier is also offering a discount of 10% on consulting services, including Anti-Money Laundering (AML) Compliance Effectiveness Reviews.