Money services businesses (MSBs) must fulfil specific obligations as required by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations, to help combat money laundering and terrorist activity financing in Canada.

Before beginning to operate in Canada, there is a list of requirements to register your MSB with FINTRAC.

It is highly important to learn how these criminal offences are carried out as there is a potential risk that someone might approach you or someone you know into this act and that could put someone’s life in danger.

A compliance program is a program established and implemented by an RE and is intended to ensure their compliance under the PCMLTFA and associated Regulations.

A compliance program forms the basis for meeting all of your reporting, record keeping, client identification and other know-your-client requirements under the PCMLTFA and associated Regulations. 

In this module, It is vital to understand that all reporting entities must establish and implement a compliance program.

These Risk Based Approaches are vital in assessing the Risk Standing between the customer and transaction made, and will help us to identify which process, whether CDD or EDD, is to be implemented based on the type of risk involved in this activity.

The course will also teach you about various types of risks that are included when choosing this method, whether the risk involves a customer, an agent, or a transaction of high value.

This method also follows an RBA cycle to help Identify your inherent risks of Money Laundering and Terrorist Financing.

A Business Relationship is for Money services businesses (MSBs) in Canada and foreign MSBs (FMSBs).

This module will help you meet your know your client requirements and conduct ongoing monitoring of their business relationships with an MSB.

The course will also teach you about Ongoing monitoring, which is a process that you must develop and use to review all the information you have obtained about the clients with whom you have a business relationship.

This chapter discusses all about the benefits and drawbacks of involving a beneficial owner or a third party between the MSB and the customer. 

This chapter also talks about the penalties faced if the third parties fail to do their desired tasks or are involved in any criminal activity, which is why it is essential for these MSB’s to comply with the rules set out by FINTRAC.

These beneficial owners must verify the identity of an entity in accordance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR).

This chapter will talk about persons that are entrusted with prominent public functions, held in Canada or abroad. These politically exposed persons take benefit from illegally handling property businesses, due to which risk assessment is necessary on these persons.

Even If a person is a PEP, some of their family members are considered family members of PEP’s under the PCMLTFA and associated Regulations.

This module also provides training to staff for detection and prevention of these PEP’s which might be connected with crimes related to terrorist financing.

All Canadian accountants must report to FINTRAC all Suspicious Transaction Report (STR) or Suspicious Activity Report (SAR) without any delay.

This module will help identify and explain two options for electronic suspicious reporting that provide for secure encrypted transmission that ensures your data's confidentiality and integrity.

You will also learn about how to compare the client‘s transaction history to the client‘s specific profile information to identify any anomalies or suspicious activity.

All Canadian accountants must report to FINTRAC all Suspicious Transaction Report (STR) or Suspicious Activity Report (SAR) without any delay.

This module will help identify and explain two options for electronic suspicious reporting that provide for secure encrypted transmission that ensures your data's confidentiality and integrity.

You will also learn about how to compare the client‘s transaction history to the client‘s specific profile information to identify any anomalies or suspicious activity.

All Canadian accountants must report to FINTRAC all Suspicious Transaction Report (STR) or Suspicious Activity Report (SAR) without any delay.

This module will help identify and explain two options for electronic suspicious reporting that provide for secure encrypted transmission that ensures your data's confidentiality and integrity.

You will also learn about how to compare the client‘s transaction history to the client‘s specific profile information to identify any anomalies or suspicious activity.

This chapter will talk about how to send a large cash transaction Large Virtual Currency Transaction report to FINTRAC.

FINTRAC will send you an acknowledgement message when your large cash transaction report has been received electronically.

You will also gain knowledge on what Virtual currency is and what are the requirements associated to large virtual currency transactions

This chapter will talk about how to send a large cash transaction Large Virtual Currency Transaction report to FINTRAC.

FINTRAC will send you an acknowledgement message when your large cash transaction report has been received electronically.

You will also gain knowledge on what Virtual currency is and what are the requirements associated to large virtual currency transactions.

This chapter discusses all about how to keep track of any transactions between a business and a person and as an accountant, how to keep a record or documentation of those proceedings.

It is important to understand that each financial transaction made of different clients must be tracked and regulated in order to assess whether the amount and flow of money is being transferred legally or not.

This chapter also talks about providing training and awareness of the steps of record keeping to the relevant employer of any business so that they may comply under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations.