Financial Services _Çô Client Services RFC126 Chapter Notes - Chapter 1: National Do Not Call Registry, Terrorism Financing, Financial Institution

• School: Seneca College
• Department: Financial Services _Çô Client Services
• Course: Financial Services _Çô Client Services RFC126
• Professor: marie

Document Summary

Proceeds of crime (money laundering) and terrorist financing act (pcmltfa) Act implement reporting and other requirements for someone being suspected of pcmltfa: financial entities, life insurers, money service businesses, those involved in real estate, securities dealers, dealers in precious metals and stones, casinos. Financial transactions and reports analysis centre of canada (fintrac) Collect, analyzes, disclose information to help detect and prevent money laundering and the financing of terrorist activities in canada and abroad. Fintrac"s (cid:373)issio(cid:374) to pu(cid:271)li(cid:272) safet(cid:455) a(cid:374)d help prote(cid:272)t the i(cid:374)tegrit(cid:455) of ca(cid:374)ada"s fi(cid:374)a(cid:374)(cid:272)ial s(cid:455)ste(cid:373) (cid:271)(cid:455) detecting and deterring money laundering and terrorist financing. Money laundering: act intended to disguise the source of money or assets derived from criminal activity inside or outside canada: making criminal origin difficult to trace and integrate into the legitimate economy. Once money is in the financial system: help in cash accounts with financial institution, common way to money laundering is to purchase securities.