Anti-Money Laundering Policy Statement

Being a Canadian company we strongly feel that money laundering is a crime against humanity and at Canadian Express Money Transfer we are strongly committed to preventing the use of its operations for money laundering or any activity, which facilitate money laundering, or the funding of terrorist or criminal activities. Accordingly, the Company will comply with all applicable laws, and regulations designed to combat money laundering activity and terrorist financing, enacted by the Government of Canada, all International Laws to which the Government of Canada is a subscribe including the USA patriot Act and will cooperate with the appropriate authorities in efforts to prevent any such misuse of the financial channels.
Every employee is required to act in furtherance of this policy statement to protect the Company from exploitation by money launders or terrorists.

Anti Money Laundering

Money Laundering is the process/act that disguises the illegal origin of the money. Money Laundering is a result of many criminal acts to generate a profit for an individual or group that carries out the act. Now a day’s money laundering has turned into a serious crime and in the last couple of years, the world has a serious concern towards it. Various measures have been taken to stop this unlawful act. Even in some countries, regulatory bodies have been formed to eliminate this crime such as FINTRAC in Canada. It is essential for us to know the effects which money laundering is creating on our economy specifically and our society in general. Money laundering is not only affecting our economy here in Canada it also is affecting mostly under developed countries, they become the victim of this Money laundering where the law enforcement agencies are unable to play their respective roles. That results in the following effects:

  • Feeble economic policies
  • Loss of Revenue
  • Negative image of private sector
  • Less foreign investment
  • Weaknesses of Financial Markets
  • Increase in Crime and Corruption

In this prevailing scenario, to restrict this criminal phenomenon, Canadian Express Money Transfer Inc. is trying to establish comprehensive anti money laundering strategic programmes aimed at:

  • Raising awareness on money laundering issues
  • Assisting law enforcement agencies and authorities to trace, seize, and confiscate criminally derived profits.
  • Introducing Know Your Customer Policy (KYC)
  • Reasonable measures to obtain information about the true identity of the persons on whose behalf a transaction is made.
  • Record keeping procedures- Maintain, for a specific time period, all necessary records on transactions, both domestic or international
  • Special attention to all complex, unusual large transactions. Keep abreast with latest techniques and information’s available online and through regulatory bodies here in Canada.