The BCWS is regulated based on the Financial Transactions and Reports Analysis Centre of Canada’s (FINTRAC) rules and standards, ensuring that we maintain the highest standards of professionalism. The FINTRAC is Canada’s financial intelligence unit. Its mandate is to facilitate the detection, prevention and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control. Money laundering is the process used to disguise the source of money or assets derived from criminal activity. Profit-motivated crimes span a variety of illegal activities from drug trafficking and smuggling to fraud, extortion and corruption. The scope of criminal proceeds is significant – estimated at some $590 billion to $1.5 trillion (U.S.) worldwide each year (Source: FINTRAC) . For your information, we have been focusing on only domestic currency exchanges rather than international transactions. In the meanwhile, a piece of a Photo ID needed for all domestic currency exchanges over $2,900 CAD. In addition, all money exchanges over $10,000 CAD must be reported to the FINTRAC. For further information visit the FINTRAC‘s webpage. In addition, you might boost your money exchange knowledge through the links below: FOREX, XE, NATIONAL BANK OF CANADA.
