Compliance and Good Business Practice

At Wellington Foreign Exchange compliance is a key component of our business practice. We have policies and procedures customized for our currency exchange business and we are committed to complying with the legal and regulatory requirements of a Money Services Business in Canada.

Wellington Foreign Exchange strives to maintain the highest standards of integrity within our community and our industry. The prevention of criminal activities including money laundering, terrorist financing, fraud and other crimes remains at the forefront of our business.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) was established under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

FINTRAC was created to collect, analyze and, in appropriate circumstances, disclose certain limited information to law enforcement agencies to help detect, prevent and deter money laundering and the financing of terrorist activities in Canada and abroad. FINTRAC is required to ensure that personal information under its control is protected from unauthorized disclosure, and is subject to the Privacy Act. Wellington Foreign Exchange is registered with FINTRAC as a Money Services Business and must fully adhere to the compliance regime applicable to its business.

Under the law Wellington Foreign Exchange is obligated implement a compliance program, keep certain records, ascertain client identification, and report certain transactions (including suspicious transactions) to FINTRAC.

For transactions with a value of $3,000 (Canadian) or more; we must ask to see a birth certificate, driver's licence, passport, record of landing, permanent resident card or other similar document (the document must be an original and must have been issued by a provincial, territorial or federal government). If a transaction involves a value of $10,000 (Canadian) or more (Large Cash Transaction), we will ask for some additional particulars and will ask you to complete a form certifying these particulars. We will also request a second piece of identification. It is necessary that each Large Cash Transaction be reported to FINTRAC.

For more complete information on the FINTRAC compliance guidelines visit the FINTRAC website: http://www.fintrac.gc.ca/

Wellington will safeguard personal information as required by privacy laws in Canada.