Revenue canada cracks down on electronic funds transfers _ it world canada news the money laundering regulations 2007

FINTRAC collecting more data on canadians than needed

The new reporting requirement are the same as those for reports currently provided to the financial transaction and reports analysis centre of canada (FINTRAC). Financial intermediaries will have to submit one report to both FINTRAC and CRA at the same time.

ETF’s must be filed no later than five working days after the day the transferred occurred.

FINTRACT was established with the passage of the proceeds of crime (money laundering) and terrorism financing act. The act imposes reporting and recording requirements on firms including, insurance companies, money service businesses, casinos and independent agents and brokers.

Back in 2013, FINTRACT came under fire from the office of the privacy commissioner of canada (OPC) for collecting more personal information on canadians than is necessary.

Then privacy commissioner jennifer stoddart made a statement saying that FINTRACT made “limited progress” in addressing earlier recommendations by a previous OPC audit that FINTRACT ensure the personal information it collects in kept at an “absolute minimum.”

the money laundering regulations 2007

The information reported must include: the transmission of instructions for a transfer of funds through any electronic, magnetic or optical device, telephone or computer made at the request of the client.

Information collected under the measure will be safeguarded by the CRA. The agency said the data will only be used for the purposes for which it is collected and swill be subject to strict security protocols and stored in a segregated database.

Related download sponsor: blackberry

The senior leader’s guidebook to emergency management and business continuity

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FINTRAC collecting more data on canadians than needed

The new reporting requirement are the same as those for reports currently provided to the financial transaction and reports analysis centre of canada (FINTRAC). Financial intermediaries will have to submit one report to both FINTRAC and CRA at the same time.The money laundering regulations 2007

ETF’s must be filed no later than five working days after the day the transferred occurred.

FINTRACT was established with the passage of the proceeds of crime (money laundering) and terrorism financing act. The act imposes reporting and recording requirements on firms including, insurance companies, money service businesses, casinos and independent agents and brokers.

Back in 2013, FINTRACT came under fire from the office of the privacy commissioner of canada (OPC) for collecting more personal information on canadians than is necessary. Then privacy commissioner jennifer stoddart made a statement saying that FINTRACT made “limited progress” in addressing earlier recommendations by a previous OPC audit that FINTRACT ensure the personal information it collects in kept at an “absolute minimum.”

The information reported must include: the transmission of instructions for a transfer of funds through any electronic, magnetic or optical device, telephone or computer made at the request of the client.The money laundering regulations 2007

Information collected under the measure will be safeguarded by the CRA. The agency said the data will only be used for the purposes for which it is collected and swill be subject to strict security protocols and stored in a segregated database.

Related download sponsor: blackberry

The senior leader’s guidebook to emergency management and business continuity

Register now

FINTRAC collecting more data on canadians than needed

The new reporting requirement are the same as those for reports currently provided to the financial transaction and reports analysis centre of canada (FINTRAC). Financial intermediaries will have to submit one report to both FINTRAC and CRA at the same time.

ETF’s must be filed no later than five working days after the day the transferred occurred.

FINTRACT was established with the passage of the proceeds of crime (money laundering) and terrorism financing act.The money laundering regulations 2007 the act imposes reporting and recording requirements on firms including, insurance companies, money service businesses, casinos and independent agents and brokers.

Back in 2013, FINTRACT came under fire from the office of the privacy commissioner of canada (OPC) for collecting more personal information on canadians than is necessary. Then privacy commissioner jennifer stoddart made a statement saying that FINTRACT made “limited progress” in addressing earlier recommendations by a previous OPC audit that FINTRACT ensure the personal information it collects in kept at an “absolute minimum.”

The information reported must include: the transmission of instructions for a transfer of funds through any electronic, magnetic or optical device, telephone or computer made at the request of the client.

Information collected under the measure will be safeguarded by the CRA.The money laundering regulations 2007 the agency said the data will only be used for the purposes for which it is collected and swill be subject to strict security protocols and stored in a segregated database.

Related download sponsor: blackberry

The senior leader’s guidebook to emergency management and business continuity

Register now