Know Your Clients Policy

Canadian Express Money Transfer Inc, hereinafter will be describedin this document as “We”and”The Company” As a money services business, we identify individuals and confirm the existence of entities for certain activities and transactions, as listed below. Entities can be corporations, trusts, partnerships, funds, and unincorporated associations or organizations.
When wemust confirm the existence of an entity that is a corporation, alsowe verify its name and address, and the names of the corporation’s directors.

The formation of a business relationship and the ensuing obligations are tied to our requirement to identify clients. For non-account-based relationships, weare in a business relationship with every individual we have had to identify at least twice, and with every entity whose existence you have had to confirm at least twice. If you have not identified an individual or confirmed the existence of an entity because an exception applied, you are still considered to be in a business relationship, and must conduct ongoing monitoring and keep certain records.

We also are required to take reasonable measures to determine if a client is acting on the instruction of a third party when creating a client information record or conducting a large cash transaction. In this case, reasonable measures may include asking the individual, or relying on information you may already have about the individual. If we determine that the individual in front of us is acting on someone else's instructions, that “someone else” is the third party.

As a money services business, we are responsible for identifying clients for:

  • Issuing or redeeming negotiable instruments of $3,000 or more
  • Remittances or transmissions of $1,000 or more
  • Foreign currency exchange of $3,000 or more
  • Large cash transactions
  • Suspicious transactions
  • Client information records

1.Issuing or redeeming negotiable instruments of $3,000 or more

Wemust identify any individual who conducts a transaction for the issuance or redemption of negotiable instruments, such as traveller’s cheques or money orders of $3,000 or more, at the time the transaction takes place.

2. Remittances or transmissions of $1,000 or more

When We remit or transmit $1,000 or more by any means, We identify the individual who makes the request at the time the transaction takes place.

For example, when a client sends $1,000 or more through an electronic funds transfer (EFT), We identify the individual who makes the request at the time the transaction takes place. An EFT means the transmission of instructions, through any electronic, magnetic or optical device, telephone instrument or computer, for the transfer of funds to or from Canada.

If a client transmits funds as an EFT of any amount at the request of a client, including an EFT sent within Canada that is a SWIFT MT 103 message, we include originator information.

If We receive an EFT of any amount, including an EFT sent within Canada that is a SWIFT MT 103 message, We take reasonable measures to ensure it includes originator information. In this context, reasonable measures could include contacting the institution that sent the payment instructions.

3. Foreign currency exchange of $3,000 or more

When a client exchanges $3,000 or more in foreign currency, we identify the individual conducting the transaction at the time the transaction takes place.

4. Large cash transactions

We identify every individual who conducts a large cash transaction at the time the transaction takes place. A large cash transaction occurs when you receive $10,000 or more in cash in a single transaction. A large cash transaction also occurs when there are multiple cash transactions of less than $10,000 each that total $10,000 or more within a 24-hour period, when you know that they are conducted by, or on behalf of the same individual or entity.

5. Suspicious transactions

We take reasonable measures to identify individuals who conduct or attempt to conduct suspicious transactions before sending a Suspicious Transaction Report. Reasonable measures in this case may include asking the individual to provide photo identification.

All suspicious transactions and attempted suspicious transactions, including transactions that are normally exempt from client identification requirements, requirestaking reasonable measures to identify them.

6. Client information records

We most likely confirm the existence of an entity when we create a client information record for an ongoing service agreement for electronic funds transfers, funds remittance or foreign exchange services. This includes a service agreement for the issuance or redemption of money orders, traveller’s cheques or other negotiable instruments.
We always confirm the existence of an entity within 30 days of creating a client information record.

Keeping client identification information up to date

We update our client information at a frequency that will vary based on the risk assessment. As a part of ourongoing monitoring requirements, we keep all client identification information up to date. High-risk clients’ identification information we update more frequently, and we take any other appropriate enhanced measures, to keep client identification information up to date, we take appropriate measures such as asking the client to provide information to confirm or update their identification information. In the case of an individual, this may include confirming or updating the information by using the options that are available to identify individuals who are not physically present.
In the case of clients that are entities, measures to keep client identification information up to date may include consulting a paper or electronic record, or obtaining information verbally.

Exceptions

We do not have re-identify an individual or re-confirm the existence of an entity if we previously have done so, using the methods specified in the Regulations in place at the time and kept the associated records, so long as we have no doubts about the information used.

We do not verify the names of the directors when we have confirmed the existence of a corporation that is a securities dealer.

As per FINTRAC regulations We do not have to identify an individual who conducts a large cash transaction if it is properly verified that the cash is received from a financial entity or public body.

You do not have to verify the identity of an authorized employee who conducts a transaction for their employer under a service agreement.

We do not have to take reasonable measures to identify the individual who conducts or attempts to conduct a suspicious transaction only if:

  • We have already identified the individual as required and have no doubts about the identification information; or
  • We believe that identifying the individual would inform them that you are submitting a Suspicious Transaction Report.

KYC Know your customer

Data security and Know Your Customer requirements have become pertinent issues across the globe, with increasing pressure on governments to adopt strict policies.
As a result, there has been a rapid increase in regulations and international compliance standards, which organizations must comply with, to operate with integrity and trust.
Canadian Express Money Transfer Inc.(Canada). is proud to be fully compliant with these standards, which keeps us operational under Canadian regulations and financial tracking laws, and to be spearheading our business in a legitimate marketplace.
Our compliance regulation-driven money transfer platforms ensure that our operations are always in strict adherence with the Know Your Customer procedures and Anti-Money Laundering policies set by regulatory authorities.
For money transfer to your loved ones quickly and smoothly, please register online or walk-in to our office. Create an account with us and start sending money.
Registering with Canadian express money is a one-time process*. We will assign an account number to our customer. With assigned account number, you can log in, call, email us and or walk in to send money quickly That’s why we require from all our clients to provide us,at least one valid picture ID(federal or provincial).

  • Valid driver’s Licence (any province of Canada) photo copy/picture.
  • photocopy/picture of Canadian Passport.
  • Valid PR Card. photocopy/picture.