The Canadian government works with international governments and agencies in order to better control money laundering, and other financial irregularities that are often tied to illegal activities—even terrorist group funding. This has resulted in a new act with legal implications for the jewellery industry—the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
As a part of this effort, many industries are required to track and report on their money-handling procedures and information. Along with banks, life insurance companies, securities dealers, real estate brokers and developers, accountants and others, the jewellery industry and its members are now required to create specific AML Compliance Regimes that demonstrate their plans and procedures in support of this act.
The CJA assists its members in: learning more about this new government requirement; creating appropriate AML Compliance Regimes; and effectively reporting to the FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) agents that are now contacting our members.
CJA and JVC (Jewellers Vigilance of Canada) have collaborated to provide a kit to members that will assist them in their next steps. In addition, FINTRAC sheets were published to provide short facts about the program and its requirements.
Join now to receive your AML Compliance Kit and other critical materials. This is just one way we ensure our members observe all government regulatory programs.