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