Compliance and Good Business Practice

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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.

Wellington Foreign Exchange is registered with The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business and must fully adhere to the compliance regime applicable to its business.

FINTRAC was created under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act 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.

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.

As FINTRAC policy requires that we know our customers, in order to perform a transaction with Wellington Foreign Exchange you may be required to show a valid, original piece of government-issued identification such as a driver’s license, passport, or similar document. We are required to ask for identification for large transactions but reserve the right to ask for identification at any time. For very large transactions involving the receipt of cash we are required to ask for identification as well as complete paperwork for submission to FINTRAC.

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

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