Regulatory Compliance for Foreign Exchange & International Payments

The prevention of money laundering is a primary focus of FX and money service businesses as regulated by the Government of Canada and as monitored by its financial intelligence unit, The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

The prevention of money laundering curtails the movement of funds derived from criminal activity and restricts the funding of terrorist activities. GFX is committed to preventing money laundering complying with regulatory requirements that include but are not limited to:

Corporate or Individual Client Identification and record keeping
Retention of records for at least five years
Training of all staff of their reporting obligations, and recognizing of suspicious activity
Reporting of any suspicious transactions

GFX is required to collect and verify original identification from any client prior to GFX paying out the proceeds of a client's transaction.

GFX will also validate the business or residential address by verifying it to a utility or bank statement, or by performing a site visit.

GFX will not accept or issue cash as payment for FX transactions or payment transfers.

GFX must make all information provided by clients available to regulatory authorities, as warrantrd.

In certain situations, GFX must also make all trade and payment related information available to their Bank’s Compliance department.

If a transaction or payment is believed to be connected in any way to money laundering or criminal activity, GFX can refuse to handle any aspect of the transaction.

GFX is obligated to report any suspicious transactions or other activity to FINTRAC, and GFX is prohibited from informing a client that a report of suspicious activity has been filed.