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MTFS has adopted an explicit procedure to compliance with The Proceeds of Crime (Money Laundering) and Terrorist Financing Act. MTFS compliance officers make every effort to ensure that all of our policies are in the strictest compliance, and also to ascertain that you are dealing with an ethical financial entity. MTFS has also instituted a comprehensive training program for the staff in order to ensure that all are fully aware of the guidelines and are able to implement the regulations.

Clients must be identified individually for any transaction with a value of 1,000 Canadian dollars or more. For larger transactions ($10,000 or more), we have to ask additional information to verify that the transaction is in compliance with Canadian requirements.

FINTRAC, is Canada’s financial intelligence unit, a specialized agency created to collect, analyze and disclose financial information and intelligence on suspected money laundering and terrorist activities financing. The Centre is an integral part of Canada’s engagement in the global fight against money laundering and the financing of terrorist activities.

MTFS is a “Money Service Business” registered with The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

What is Money Laundering

Money laundering is the attempt to conceal or disguise the nature, location, source, ownership or control of illegally obtained money.  If illegal money is successfully laundered, criminals maintain control over their funds and they can establish a [separate] cover for the illicit source of the funds. Laundered funds include any funds derived from illegal activities, such as funds held by terrorists, organized crime, tax evaders and other groups and individuals seeking to transfer, spend or invest money derived from any type of crime.

Money laundering is not limited to cash; money laundering can be conducted through any type of transaction, including, but not limited to, an electronic funds or wire transfer (through the SWIFT Network or otherwise) and cheques.

What is Terrorist Financing

Criminal acts, including against civilians, committed with the intent to cause death or serious bodily injury, or taking of hostages, with the purpose to provoke a state of terror in the general public or in a group of persons or particular persons, intimidate a population or compel a government or an international organization to do or to abstain from doing any act, which constitute offences within the scope of and as defined in the international conventions and protocols relating to terrorism, are under no circumstances justifiable by considerations of a political, philosophical, ideological, racial, ethnic, religious or other similar nature.

Inter-MSB Settlement For International Remittance: Flow of Funds

Inter-MSB Settlement For International Remittance: Flow of Instructions

Bank & Payment Processor Facilitated Transactions