Welcome to the Scrapabill’s AML Policy and Know Your Customer (KYC) document provision requirement related to all payments, transactions and suspicious activity conducted on its social network platform.
FINTRAC (Financial Transaction and Reports Analysis Centre of Canada) is responsible for investigation of money laundering and terrorist financing cases that are originating or destined for Canada. The financial intelligence unit was created by the amendment of the Proceeds of Crime (Money Laundering) Act in December 2001 (via Bill C-25) and created the Proceeds of Crime (Money Laundering) and Terrorist Financing Act Financial institutions in Canada are required to track large cash transactions (daily total greater than CAD$10,000.00 or equivalent value in other currencies) that can be used to finance terrorist activities in and beyond Canada's borders and report them to FINTRAC.
SCRAPABILL MANAGEMENT LTD. (the “Company”) policy is to ensure proper adherence to the provisions and intent of the FINTRAC (the “Act”) regarding the requirement to implement reasonable procedures to deter money laundering activities and actively search for suspicious activity. The Company’s appointed AML Officer is responsible for reviewing any such activity and determining whether a Suspicious Activity Report (SAR) should be filed.
The Company is committed to ensuring that our services and products are used for lawful purposes only. The Company in conjunctions with its international auditors has developed anti–fraud and money laundering measures, and as such members may be required to furnish the Company with information from time to time in this regard. The company always has full discretion concerning the information required for this purpose.
The Company Anti-Money Laundering Policy ensures the highest standards of due diligence are applied to the know your customer principles that every member and staff consistently complies with legislation requirements and appropriate guidelines in the jurisdictions in which we operate, and at all times we ensure the protection of our users, members, affiliates, partners, cardholders, staff, and safeguard the Company brand and reputation.
The Company allocates responsibility within each jurisdiction for ensuring compliance with the jurisdictions procedures for money laundering to the relevant Money Laundering Reporting Officer.
The Company complies with the requirements of legislation and appropriate guidelines in the supported countries and jurisdictions in which we operate.
The Company Provides initial and annual training and education program to ensure all staff is aware of their personal responsibilities and the procedures to be adhered to.
The Company takes reasonable measures to establish the identity of all persons for whom the Company may or may not provide services to.
The Company retains verified identification documentation and transactional documentation as defined within local legislation for the requisite time period. Report to the relevant authority where there are reasonable grounds to suspect or believe that a money laundering offence has been or is being committed.