AML and Compliance Policy
GLOBAL LATAM SERVICES INC. OWNER OF (MONEYLATAM.CA) IS A REGISTERED MONEY SERVICE BUSINESS WITH THE FINANCIAL TRANSACTIONS & REPORTS ANALYSIS CENTRE OF CANADA (FINTRAC).
THIS IS OUR POLICY TO COMPLY WITH ALL GOVERNMENT REGULATIONS AT ALL TIMES.
AS A MONEY SERVICE BUSINESS, WE ARE SUBJECT TO THE FOLLOWING FINTRAC REGULATIONS:
We are required to report the following types of transactions to FINTRAC:
Large Cash Transactions
Electronic Funds Transfers
We are required to keep all client, transaction and corporate records for a minimum of 5 years.
We are required to collect and verify your identification for remittances of $1,000 and more.
POLITICALLY EXPOSED FOREIGN PERSON (PEFP)
For remittances over $100,000 or more, we are required to make PEFP determination.
THIRD PARTY DETERMINATION
If you are conducting a transaction on someone else’s behalf, we are required to obtain information on the both parties: you and the person on whose behalf you are conducting the transaction.
We are required to maintain a compliance program containing adequate policies and procedures in accordance with the FINTRAC regulations.
For more information, refer to FINTRAC website: http://fintrac-canafe.gc.ca/msb-esm/intro-eng.asp
ADDITIONAL MEASURES WE TAKE TO PREVENT MONEY LAUNDERING AND TERRORIST FINANCING
WE TAKE THE FOLLOWING ADDITIONAL MEASURES TO PREVENT MONEY LAUNDERING AND TERRORIST FINANCING:
SCANNING AGAINST THE OSFI & OFAC WATCH LIST
It is our policy to check each transaction against the OSFI and OFAC watch lists. Any matched names are subject to further review by the compliance officer.
We have adequate controls pertaining to the transaction activity at several instances of the life cycle of a transaction. These controls include:
Client Identification Controls & Validations
Transaction Aggregation Thresholds
Government Reporting Controls & Validations
Possible Structuring Reporting
Enhanced Due Diligence Reporting