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Proceeds of Crime (Money Laundering) and Terrorist Financing Act Overview
Regulations under the PCMLTFA
Financial Action Task Force (FATF)
40 Recommendations
of the FATF
FINTRAC
Basel II Accord
Complying with Bill C-25
  As finalized on June 27, 2007, Canadian Bill C-25, which amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, greatly expands the reach and reporting requirements of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). It extends the types of registered organizations to include real estate developers and dealers in precious gems and metals.
  Bill C-25 also requires all reporting entities to determine if they are doing business with individuals who may be identified as a “politically exposed foreign person” (PEFP). The definition of PEFPs is extremely broad and includes not only the PEFPs themselves, but also their “prescribed family members” — though Canadian politicians and public officials are excluded.
  Since databases of PEFPs run in the hundreds of thousands, this requirement could represent a substantial burden for many organizations – especially those with large customer lists or who process a high volume of transactions in a given day.
  Accurate, Easy to Implement PEFP Compliance
  FinScan provides PEFP screening solutions that deliver exceptional accuracy, yet are both easy to implement and easy to use. They are scalable to your needs and offer:
 
Fastest deployment in the industry
Scalability — from online, interactive look-ups to high-volume batch processing
Automated, detailed due diligence and audit reports
Minimal production of false positives
Streamlined review of “suspect” hits
End-to-End PEFP compliance service
Proven performance at financial institutions worldwide
  Click on the link below that best suits your business need.
  FinScan Licensed
A licensed solution for organizations preferring an in-house software solution that allows full control over matching rules and parameters and can be integrated enterprise-wide
 
  FinScan Hosted
For organizations wanting to avoid the added overhead, staff and IT infrastructure that come with licensing software, but who still require the ability to fully customize their matching rules and parameters
 
  FinScan SME  (Small-Medium Enterprise)
World-class screening performance at a value-focused price
for those organizations requiring some control over their matching rules – with virtually no internal IT resources or overhead required
 
  FinScan List Management
The most accurate and effective list management available, offering continual monitoring of list sources for adds and changes, and extensive data quality management of more than 30 key watch lists
 
 
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