World Remit Pay® is a trusted FINTRAC-Regulated MSB licenced to offer 100+ tradable foreign currencies with the best currency exchange rates and the safest money transfers across the world. Buy & Sell foreign currency, international remittance & payments.
Compliance program requirements
Establishing and implementing a comprehensive and effective compliance program is the basis for meeting all of your reporting, record keeping, client identification and know-your-client requirements under the PCMLTFA and associated Regulations.
There are five required elements of a compliance program. Each is considered to be a pillar of an effective anti-money laundering/anti-terrorist financing (AML/ATF) program. The five pillars are:
- The appointment of a person who is responsible for the implementation of the compliance program – compliance officer;
- The development and application of written compliance policies and procedures that are kept up-to-date, and include enhanced measures to mitigate high risks;
- A risk assessment of your business activities and relationships;
- The development and maintenance of a written ongoing compliance training program for employees, agents, and others authorized to act on your behalf; and
- The institution and documentation of an effectiveness review of your compliance program (policies and procedures, risk assessment and training program) every two years (minimum) for the purpose of testing its overall effectiveness.