Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) requires that every Dealer in Precious Metals and Stones file three types of reports. Failure to report particular transactions can result in criminal charges and/or administrative fines assessed by FINTRAC.
As a DPMS, you must file a report to FINTRAC when there are reasonable grounds to suspect that a transaction, or attempted transaction, is related to an offence, or an attempted offence, involving money laundering or terrorist financing activity. This report is a tricky one because it involves your interpretation and assessment of somebody else’s behaviour.
As a DPMS, you must report every transaction involving $10,000 or more received in cash within a 24-hour period. You need to know what to do when a customer makes a series of smaller transactions, personally or through a nominee, that together exceed the threshold. You need to be certain that your customer identification and beneficial ownership policies and procedures are up to the task.
As a DPMS, you must submit a report if you know that you are in possession or control of property that is either owned by or controlled by a terrorist or terrorist group or an entity acting on behalf of a terrorist or terrorist group. You need to know how to make this determination.
Call 780-719-0016 or use the contact form on this page to discuss your reporting requirements with Ken.
Each of these three reports must contain the specific customer identification and content information required by FINTRAC. How do you recognize what might constitute a suspicious transaction? How do you find out whether a customer or supplier is a terrorist or has terrorist ties, and where do international sanctions fit in all of this? That’s mouthful and a lot even to consider.
Like many government reports, just navigating the AML compliance regime and reporting requirements can be an intimidating undertaking for a DPMS. At Clarium, we are fluent in these reporting requirements, enabling you to focus on the business of creating and selling magnificent jewellery. We understand:
Contact Clarium Fraud & Compliance Solutions today to discuss your FINTRAC reporting requirements.
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Ken Brander's critical examination of Canada's national money laundering and terrorist financing risk assessment.