Chez Remit’s Anti Money Laundering, Counter terrorism and compliance Policy
As a money service business, we are subject to the following FINTRAC regulations and as such, our compliance policy aligns with the statutes of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations.
1.0 Compliance Officer
ChezRemit would employ a compliance officer to implement the compliance program and ensure that the companies’ business operations adheres to requisite FINTRAC regulations and related acts.
This individual would be saddled with the following responsibilities.
- Conduct risk assessment of the business activities and relationships
- Ensure that the compliance and risk assessment procedures are updated promptly to meet changing legislation and industry standards.
- Ensure that the organization and its staff adheres to the written compliance policies
- Prepare reports and Liaise with FINTRAC and other regulatory bodies
- Organize compliance trainings for staff, agents and other responsible officers / parties.
- Conduct Bi-annual review of the compliance program to test the effectiveness of policies and procedures, ongoing training and risk assessment.
- Ensure adequate documentation of the compliance process.
In order to be able to discharge these responsibilities, the compliance officer would be availed the necessary authority and access to resources in order to implement an effective compliance program and make any desired changes; and would possess knowledge of ChezRemit’s functions and structure; ML/TF risks and vulnerabilities as well as ML/TF trends and typologies and the sector's legal requirements under the PCMLTFA and associated Regulations.