Accountant A chartered accountant, a certified general accountant, a certified management accountant or, if applicable, a chartered professional accountant. (comptable) Show
Reference: An entity that is engaged in the business of providing accounting services to the public and has at least one partner, employee or administrator that is an accountant. (cabinet d'expertise comptable) Reference: The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). (la Loi) Reference: Civil penalties that may be issued to reporting entities by FINTRAC for non-compliance with the PCMLTFA and associated Regulations. (pénalité administrative pécuniaire [PAP]) AffiliateAn entity is affiliated with another entity if one of them is wholly owned by the other, if both are wholly owned by the same entity or if their financial statements are consolidated. (entité du même groupe) Reference: Has the same meaning as in subsection 248(1) of the Income Tax Act. (rente) Reference: A time period that falls in-between immediately and as soon as possible, within which a suspicious transaction report (STR) must be submitted to FINTRAC. The completion and submission of the STR should take priority over other tasks. In this context, the report must be completed promptly, taking into account the facts and circumstances of the situation. While some delay is permitted, it must have a reasonable explanation. (aussitôt que possible) Attempted transactionOccurs when an individual or entity starts to conduct a transaction that is not completed. For example, a client or a potential client walks away from conducting a $10,000 cash deposit. (opération tentée) AuthenticIn respect of verifying identity, means genuine and having the character of an original, credible, and reliable document or record. (authentique) Authorized personA person who is authorized under subsection 45(2). (personne autorisée) Reference: A person who is authorized by a holder of a prepaid payment product account to have electronic access to funds or virtual currency available in the account by means of a prepaid payment product that is connected to it. (utilisateur autorisé) Reference: Beneficial owners are the individuals who are the trustees, and known beneficiaries and settlors of a trust, or who directly or indirectly own or control 25% or more of i) the shares of a corporation or ii) an entity other than a corporation or trust, such as a partnership. The ultimate beneficial owner(s) cannot be another corporation or entity; it must be the actual individual(s) who owns or controls the entity. (bénéficiaire effectif) BeneficiaryA beneficiary is the individual or entity that will benefit from a transaction or to which the final remittance is made. (bénéficiaire) BranchA branch is a part of your business at a distinct location other than your main office. (succursale) British Columbia notary corporationAn entity that carries on the business of providing notary services to the public in British Columbia in accordance with the Notaries Act, R.S.B.C. 1996, c. 334. (société de notaires de la Colombie-Britannique) Reference: A person who is a member of the Society of Notaries Public of British Columbia. (notaire public de la Colombie-Britannique) Reference: Coins referred to in section 7 of the Currency Act, notes issued by the Bank of Canada under the Bank of Canada Act that are intended for circulation in Canada or coins or bank notes of countries other than Canada. (espèces) Reference: A government, organization, board or operator that is referred to in any of paragraphs 5(k) to (k.3) of the Act. (casino) Reference: An individual that holds the title of professional certified translator granted by a Canadian provincial or territorial association or body that is competent under Canadian provincial or territorial law to issue such certification. (traducteur agréé) Clarification requestA clarification request is a method used to communicate with money services businesses (MSBs) or foreign money services businesses (FMSBs) when FINTRAC needs more information about their registration form. This request is usually sent by email. (demande de précisions) ClientA person or entity that engages in a financial transaction with another person or entity. (client) Reference: The identifying information that you have obtained on your clients, such as name, address, telephone number, occupation or nature of principal business, and date of birth for an individual. (renseignements d'identification du client) Competent authorityFor the purpose of the criminal record check submitted with an application for registration, a competent authority is any person or organization that has the legally delegated or invested authority, capacity, or power to issue criminal record checks. (autorité compétente) Completed transactionIs a transaction conducted by a person or entity, that is completed and results in the movement of funds, virtual currency, or the purchase or sale of an asset. (opération effectuée) Compliance officerThe individual, with the necessary authority, that you appoint to be responsible for the implementation of your compliance program. (agent de conformité) Compliance policies and proceduresWritten methodology outlining the obligations applicable to your business under the PCMLTFA and its associated Regulations and the corresponding processes and controls you put in place to address your obligations. (politiques et procédures de conformité) Compliance programAll elements (compliance officer, policies and procedures, risk assessment, training program, effectiveness review) that you, as a reporting entity, are legally required to have under the PCMLTFA and its associated Regulations to ensure that you meet all your obligations. (programme de conformité) ContextClarifies a set of circumstances or provides an explanation of a situation or financial transaction that can be understood and assessed. (contexte) Correspondent banking relationshipA relationship created by an agreement or arrangement under which an entity referred to in any of paragraphs 5(a), (b), (d),(e) and (e.1) or an entity that is referred to in section 5 and that is prescribed undertakes to provide to a prescribed foreign entity prescribed services or international electronic funds transfers, cash management or cheque clearing services. (relation de correspondant bancaire) Reference: The country where an individual has lived continuously for 12 months or more. The individual must have a dwelling in the country concerned. For greater certainty, a person only has one country of residence no matter how many dwelling places they may have, inside or outside of that country. (pays de résidence) Credit card acquiring businessA credit card acquiring business is a financial entity that has an agreement with a merchant to provide the following services:
A central cooperative credit society, as defined in section 2 of the Cooperative Credit Associations Act, or a credit union central or a federation of credit unions or caisses populaires that is regulated by a provincial Act other than one enacted by the legislature of Quebec. (centrale de caisses de crédit) Reference: A website or an application or other software that is used to raise funds or virtual currency through donations. (plateforme de sociofinancement) Reference: The provision and maintenance of a crowdfunding platform for use by other persons or entities to raise funds or virtual currency for themselves or for persons or entities specified by them. (services de plateforme de sociofinancement) Reference: In respect of a document or source of information that is used to verify identity, is up to date, and, in the case of a government-issued photo identification document, must not have been expired when the ID was verified. (à jour) Dealer in precious metals and stonesA person or entity that, in the course of their business activities, buys or sells precious metals, precious stones or jewellery. It includes a department or an agent of Her Majesty in right of Canada or an agent or mandatary of Her Majesty in right of a province when the department or the agent or mandatary carries out the activity, referred to in subsection 65(1), of selling precious metals to the public. (négociant en métaux précieux et pierres précieuses) Reference: Has the same meaning as in subsection 248(1) of the Income Tax Act. (régime de participation différée aux bénéfices) Reference: A record that sets out:
Reference: A business is directing services at persons or entities in Canada if at least one of the following applies:
Additional criteria may be considered, such as if the business describes its services being offered in Canada or actively seeks feedback from persons or entities in Canada. (diriger des services) Distributed ledgerFor the purpose of section 151 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR), a digital ledger that is maintained by multiple persons or entities and that can only be modified by a consensus of those persons or entities. (registres distribués) Reference: With respect to a reportable transaction, the disposition is what the funds or virtual currency was used for. For example, an individual arrives at a bank with cash and purchases a bank draft. The disposition is the purchase of the bank draft. (répartition) Electronic funds transferThe transmission—by any electronic, magnetic or optical means—of instructions for the transfer of funds, including a transmission of instructions that is initiated and finally received by the same person or entity. In the case of SWIFT messages, only SWIFT MT-103 messages and their equivalent are included. It does not include a transmission or instructions for the transfer of funds:
Reference: Has the same meaning as in subsection 248(1) of the Income Tax Act. (régime de participation des employés aux bénéfices) Reference: A body corporate, a trust, a partnership, a fund or an unincorporated association or organization. (entité) Reference: Actual events, actions, occurrences or elements that exist or are known to have happened or existed. Facts are not opinions. For example, facts surrounding a transaction or multiple transactions could include the date, time, location, amount or type of transaction or could include the account details, particular business lines, or the client's financial history. (faits) Family memberFor the purposes of subsection 9.3(1) of the Act, a prescribed family member of a politically exposed foreign person, a politically exposed domestic person or a head of an international organization is:
Reference: A currency that is issued by a country and is designated as legal tender in that country. (monnaie fiduciaire) Reference: In respect of an electronic funds transfer, means the receipt of the instructions by the person or entity that is to make the remittance to a beneficiary. (destinataire) Reference: Means:
Reference: The Financial Action Task Force on Money Laundering established in 1989. (Groupe d'action financière) Reference: A financial services cooperative that is regulated by an Act respecting financial services cooperatives, CQLR, c. C-67.3, other than a caisse populaire. (coopérative de services financiers) Reference: A fiat currency that is issued by a country other than Canada. (devise) Reference: An exchange, at the request of another person or entity, of one fiat currency for another. (opération de change en devise) Reference: A record respecting a foreign currency exchange transaction—including an entry in a transaction register—that sets out:
Reference: Persons and entities that do not have a place of business in Canada, that are engaged in the business of providing at least one of the following services that is directed at persons or entities in Canada, and that provide those services to their clients in Canada:
Reference: Except for the purposes of Part 2, means a country other than Canada and includes any political subdivision or territory of a foreign state. (État étranger) Reference: Means:
For greater certainty, it does not include virtual currency. (fonds) Reference: A person who, at a given time, holds—or has held within a prescribed period before that time—the office or position of head of
Reference: In respect of submitting a Terrorist Property Report (TPR), the time period within which a TPR must be submitted, which does not allow for any delay prior to submission. (immédiatement) Information recordA record that sets out the name and address of a person or entity and:
Reference: In respect of an electronic funds transfer, means the first transmission of the instructions for the transfer of funds. (amorcer) Reference: For the purpose of section 15 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR), means a trust that is established by a corporation or other entity for a particular business purpose and includes a pension plan trust, a pension master trust, a supplemental pension plan trust, a mutual fund trust, a pooled fund trust, a registered retirement savings plan trust, a registered retirement income fund trust, a registered education savings plan trust, a group registered retirement savings plan trust, a deferred profit sharing plan trust, an employee profit sharing plan trust, a retirement compensation arrangement trust, an employee savings plan trust, a health and welfare trust, an unemployment benefit plan trust, a foreign insurance company trust, a foreign reinsurance trust, a reinsurance trust, a real estate investment trust, an environmental trust and a trust established in respect of endowment, a foundation or a registered charity. (fiducie institutionnelle) Reference: An electronic funds transfer other than for the transfer of funds within Canada. (télévirement international) Reference: A personal trust, other than a trust created by will. (fiducie entre vifs) Reference: Objects that are made of gold, silver, palladium, platinum, pearls or precious stones and that are intended to be worn as a personal adornment. (bijou) Reference: A record that indicates the receipt of an amount of $10,000 or more in cash in a single transaction and that contains the following information:
Reference: A record that indicates the receipt of an amount of $10,000 or more in virtual currency in a single transaction and that contains the following information:
Reference: A person or entity that is authorized under provincial legislation to carry on the business of arranging contracts of life insurance. (représentant d'assurance-vie) Reference: A life company or foreign life company to which the Insurance Companies Act applies or a life insurance company regulated by a provincial Act. (société d'assurance-vie) Reference: Has the same meaning as in section 1 of the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism. (personne inscrite) Reference: Life insurance brokers or agents that act as facilitators between other life insurance brokers or agents and life insurance companies. MGAs typically offer services to assist with insurance agents contracting and commission payments, facilitate the flow of information between insurer and agent, and provide training to, and compliance oversight of, insurance agents. (agent général de gestion) MandataryA person who acts, under a mandate or agreement, for another person or entity. (mandataire) Marketing or AdvertisingWhen a person or entity uses promotional materials such as advertisements, graphics for websites or billboards, etc., with the intent to promote money services business (MSB) services and to acquire business from persons or entities in Canada. (marketing ou publicité) MinisterIn relation to sections 24.1 to 39, the Minister of Public Safety and Emergency Preparedness and, in relation to any other provision of this Act, the Minister of Finance. (ministre) Reference: An offence under subsection 462.31(1) of the Criminal Code. The United Nations defines money laundering as "any act or attempted act to disguise the source of money or assets derived from criminal activity." Essentially, money laundering is the process whereby "dirty money"—produced through criminal activity—is transformed into "clean money," the criminal origin of which is difficult to trace. (infraction de recyclage des produits de la criminalité) Reference: Potential red flags that could initiate suspicion or indicate that something may be unusual in the absence of a reasonable explanation. [Indicateurs de blanchiment d'argent (BA) et de financement du terrorisme (FT) (indicateurs de BA/FT)] Money services businessA person or entity that has a place of business in Canada and that is engaged in the business of providing at least one of the following services:
Reference: An individual or entity authorized to deliver services on behalf of a money services business (MSB). It is not an MSB branch. (mandataire d'une entreprise de services monétaires) Nature of principal businessAn entity's type or field of business. Also applies to an individual in the case of a sole proprietorship. (nature de l'entreprise principale) New developmentsChanges to the structure or operations of a business when new services, activities, or locations are put in place. For example, changes to a business model or business restructuring. (nouveaux développements) New technologiesThe adoption of a technology that is new to a business. For example, when a business adopts new systems or software such as transaction monitoring systems or client onboarding and identification tools. (nouvelles technologies) No apparent reasonThere is no clear explanation to account for suspicious behaviour or information. (sans raison apparente) OccupationThe job or profession of an individual. (profession ou métier) PersonAn individual. (personne) Reference: In respect of an account, means a person who is authorized to instruct on the account or make changes to the account, such as modifying the account type, updating the account contact details, and in the case of a credit card account, requesting a limit increase or decrease, or adding or removing card holders. A person who is only able to conduct transactions on the account is not considered a person authorized to give instructions. (personne habilitée à donner des instructions) Politically exposed domestic personA person who, at a given time, holds—or has held within a prescribed period before that time—one of the offices or positions referred to in any of paragraphs (a) and (c) to (j) in or on behalf of the federal government or a provincial government or any of the offices or positions referred to in paragraphs (b) and (k):
Reference: A person who holds or has held one of the following offices or positions in or on behalf of a foreign state:
Reference: In regards to completing a suspicious transaction report (STR), the likelihood that a transaction may be related to a money laundering/terrorist financing (ML/TF) offence. For example, based on your assessment of facts, context and ML/TF indicators you have reasonable grounds to suspect that a transaction is related to the commission or attempted commission of an ML/TF offence. (possibilité) Precious metalGold, silver, palladium or platinum in the form of coins, bars, ingots or granules or in any other similar form. (métal précieux) Reference: Diamonds, sapphires, emeralds, tanzanite, rubies or alexandrite. (pierre précieuse) Reference: A product that is issued by a financial entity and that enables a person or entity to engage in a transaction by giving them electronic access to funds or virtual currency paid to a prepaid payment product account held with the financial entity in advance of the transaction. It excludes a product that:
Reference: An account – other than an account to which only a public body or, if doing so for the purposes of humanitarian aid, a registered charity as defined in subsection 248(1) of the Income Tax Act, can add funds or virtual currency – that is connected to a prepaid payment product and that permits:
Reference: Prescribed by regulations made by the Governor in Council. (Version anglaise seulement) Reference: The likelihood in regards to completing a suspicious transaction report (STR) that a financial transaction is related to a money laundering/terrorist financing (ML/TF) offence. For example, based on facts, having reasonable grounds to believe that a transaction is probably related to the commission or attempted commission of an ML/TF offence. (probabilité) Production orderA judicial order that compels a person or entity to disclose records to peace officers or public officers. (ordonnance de communication) Public bodyMeans
Reference: A person or entity that is authorized under provincial legislation to act as an agent or mandatary for purchasers or vendors in respect of the purchase or sale of real property or immovables. (courtier ou agent immobilier) Reference: A person or entity that, in any calendar year after 2007, has sold to the public, other than in the capacity of a real estate broker or sales representative:
Reference: Steps taken to achieve a desired outcome, even if they do not result in the desired outcome. For example, this can include doing one or more of the following:
A record that indicates the receipt of an amount of funds and that contains the following information:
Reference: Has the same meaning as in subsection 248(1) of the Income Tax Act. (régime de pension agréé) Reference: Has the same meaning as in subsection 248(1) of the Income Tax Act. (fonds enregistré de revenu de retraite) Reference: In respect of information that is used to verify identity, means that the source is well known, reputable, and is considered one that you trust to verify the identity of the client. (fiable) Representative for serviceAn individual in Canada that has been appointed by a person or entity that is a foreign money services business (FMSB), pursuant to the PCMLTFA, to receive notices and documents on behalf of the FMSB. (représentant du service) Risk assessmentThe review and documentation of potential money laundering/terrorist financing risks in order to help a business establish policies, procedures and controls to detect and mitigate these risks and their impact. (évaluation des risques) Securities dealerA person or entity that is referred to in paragraph 5(g) of the Act. (courtier en valeurs mobilières) Reference: In respect of an entity, means:
Reference: An agreement between a money services business (MSB) and an organization according to which the MSB will provide any of the following MSB services on an ongoing basis:
A settlor is an individual or entity that creates a trust with a written trust declaration. The settlor ensures that legal responsibility for the trust is given to a trustee and that the trustee is provided with a trust instrument document that explains how the trust is to be used for the beneficiaries. A settlor includes any individual or entity that contributes financially to that trust, either directly or indirectly. (constituant) Shell bankA foreign financial institution that:
Reference: Includes an electronic signature or other information in electronic form that is created or adopted by a client of a person or entity referred to in section 5 of the Act and that is accepted by the person or entity as being unique to that client. (signature) Reference: In respect of an account, means a document that is signed by a person who is authorized to give instructions in respect of the account, or electronic data that constitutes the signature of such a person. (fiche-signature) Reference: The issuer or provider of information or documents for verifying identification. (source) Source of funds or of virtual currency (VC)The origin of the particular funds or VC used to carry out a specific transaction or to attempt to carry out a transaction. It is how the funds were acquired, not where the funds may have been transferred from. For example, the source of funds could originate from activities or occurrences such as employment income, gifts, the sale of a large asset, criminal activity, etc. (origine des fonds ou de la monnaie virtuelle (MV)) Source of wealthThe origin of a person's total assets that can be reasonably explained, rather than what might be expected. For example, a person's wealth could originate from an accumulation of activities and occurrences such as business undertakings, family estates, previous and current employment income, investments, real estate, inheritance, lottery winnings, etc. (origine de la richesse) SWIFTThe Society for Worldwide Interbank Financial Telecommunication. (SWIFT) Reference: Has the same meaning as in subsection 83.01(1) of the Criminal Code. (activité terroriste) Reference: An offence under section 83.02, 83.03 or 83.04 of the Criminal Code or an offence under section 83.12 of the Criminal Code arising out of a contravention of section 83.08 of that Act. A terrorist financing offence is knowingly collecting or giving property (such as money) to carry out terrorist activities. This includes the use and possession of any property to help carry out the terrorist activities. The money earned for terrorist financing can be from legal sources, such as personal donations and profits from a business or charitable organization or from criminal sources, such as the drug trade, the smuggling of weapons and other goods, fraud, kidnapping and extortion. (infraction de financement des activités terroristes) Reference: Any individual or entity that instructs another individual or entity to act on their behalf for a financial activity or transaction. (tiers) Threats to the security of CanadaHas the same meaning as in section 2 of the Canadian Security Intelligence Service Act. (menaces envers la sécurité du Canada) Reference: A written and implemented program outlining the ongoing training for your employees, agents or other individuals authorized to act on your behalf. It should contain information about all your obligations and requirements to be fulfilled under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations. (programme de formation) TrustA right of property held by one individual or entity (a trustee) for the benefit of another individual or entity (a beneficiary). (fiducie) Trust companyA company that is referred to in any of paragraphs 5(d) to (e.1) of the Act. (société de fiducie) Reference: A trustee is the individual or entity authorized to hold or administer the assets of a trust. (fiduciaire) TutorIn the context of civil law, a person who has been lawfully appointed to the care of the person and property of a minor. (tuteur) Two year effectiveness review:A review, conducted every two years (at a minimum), by an internal or external auditor to test the effectiveness of your policies and procedures, risk assessment, and training program. (examen bisannuel de l'efficacité) ValidIn respect of a document or information that is used to verify identity, appears legitimate or authentic and does not appear to have been altered or had any information redacted. The information must also be valid according to the issuer, for example if a passport is invalid because of a name change, it is not valid for FINTRAC purposes. (valide) Verify identityTo refer to certain information or documentation, in accordance with the prescribed methods, to identify a person or entity (client). (vérifier l'identité) Very large corporation or trustA corporation or trust that has minimum net assets of $75 million CAD on its last audited balance sheet. The corporation's shares or units have to be traded on a Canadian stock exchange or on a stock exchange designated under subsection 262(1) of the Income Tax Act. The corporation or trust also has to operate in a country that is a member of the Financial Action Task Force (FATF). (personne morale ou fiducie dont l'actif est très important) ViolationA contravention of the Act or the regulations that is designated as a violation by regulations made under subsection 73.1(1). (violation) Reference: Means:
Reference: An exchange, at the request of another person or entity, of virtual currency for funds, funds for virtual currency or one virtual currency for another. (opération de change en monnaie virtuelle) Reference: A record respecting a virtual currency exchange transaction—including an entry in a transaction register—that sets out:
Reference: In respect of an electronic funds transfer (EFT) report or a large virtual currency transaction report, a working day is a day between and including Monday to Friday. It excludes Saturday, Sunday, and a public holiday. (jour ouvrable) What is the role of the broker quizlet?A BROKER USES A CLIENTS MONEY OR COMMINGLED FUNDS FOR HIS OR HER OWN PURPOSES. A BROKER MIXES CLIENT MONEY WITH HIS OR HER FUNDS, EITHER BUSINESS OR PERSONAL. REAL ESTE BROKERS CAN PROTECT THEMSELVES AND THEIR CLIENTS FROM ANY LOSS OF RECORDS DUE TO THEFT, VANDALISM, FIRE OR FLOOD.
Which of the following is true regarding trust accounts in Georgia?Which of the following is true of trust accounts of brokers in Georgia? The license law in Georgia requires that all real estate licensees deposit all funds or place any valuables held on the behalf of others in a trust account.
What needs to be recorded when a trust account disbursement is made in Colorado?Account records must clearly show it is a trust account and list both the brokerage firm and the employing broker by name. A credit union is an acceptable institution for a broker's trust account? under no circumstances, as it is not permitted under Colorado Real Estate Commission rules.
Which of the following would be considered acceptable as the good funds that must be produced at a closing in Colorado?Good Funds. All amounts payable by the parties at Closing, including any loan proceeds, Cash at Closing and closing costs, shall be in funds that comply with all applicable Colorado laws, including electronic transfer funds, certified check, savings and loan teller's check and cashier's check (Good Funds).
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