Anti-Money Laundering Compliance Policy
We insist on abiding by the Canadian laws and regulations, as shaped by FINTRAC (Financial Transaction and Report Analysis Centre of Canada). Alongside the federal and provincial laws, we also strive to prevent the utilization of our financial services for any criminal activity. We proudly take the necessary steps and precautions to prevent money laundering and terrorism financing.
To control and maintain compliance with the Canadian laws and regulations, we have a dedicated and committed group of individuals who monitor this matter. This internal Audit group performs frequent and random tests to assure quality of compliance.
Confirming ownership of beneficiary:
We take extra precautions to assure that money is going where it’s supposed to. In the case of a remittance to be received, we will only deliver the money when we are 100% comfortable that the person at the counter is the true beneficiary, or has valid authorization to receive on behalf of the true beneficiary. At any given moment, should an Altaif Inc. employee feel suspicious of the transaction, the transaction will immediately be frozen and FINTRAC will be notified.
Know your customer:
Our employees are vigilant in suspicious transactions, as per certain suspicion factors. Should suspicion arise, we will ask for identification, supporting documentation and evidence of any claim. Our compliance team will further investigate any reported suspicious activity across our branches, as well as any seemingly potentially suspicious transactions.
Internal / External reporting of suspicious activity:
Utilizing our reporting system, our employees are obliged to report any potentially suspicious activity to the internal compliance officer. Our compliance officers will consequently review the transactions and, if necessary, report to FINTRAC.
Training :
We take seriously the training of our employees on Anti-Money Laundering. It is a matter of two months before each new employee is initially trained. Follow up training is provided every two years. Training provides our employees with the foundation of customer service and dealing with specific suspicious situations.
Every employee is trained to recognize and accordingly manage Money Laundering issues. This includes any supply employees (working on need basis) and members of the compliance team.
Records of customer transactions and identification documents are stored for a minimum of five years.
Internal Compliance team:
This team plays a role in the detection, investigation and reporting of any suspicious activity. This team assures that all financial activities comply with the FINTRAC regulations. This is achieved by random checks on main responsibilities. All suspicious transactions will be discussed with the compliance officer and reported to the director.
Even though all transactional information is kept confidential, customers are not informed that their transaction is deemed suspicious or is being reported internally nor externally. Non-compliance on our part, bids criminal charges against our directors, managers and employees.