Compliance Policy
FINTRAC, KYC and Anti-Money Laundering (AML)
Introduction
At Keyhan Exchange, we apply the highest compliance standards for currency exchange and precious metals trading. As a registered Money Services Business, we fully comply with FINTRAC requirements and Canadian AML laws (PCMLTFA).
1. Scope of Services
- Foreign currency exchange (cash transactions)
- Buying and selling precious metals (gold, silver, jewelry)
- No money transfers or cryptocurrency services
2. Compliance Commitment
- Prevent money laundering and fraud
- Ensure transparency and security
- Protect the Canadian financial system
- Full compliance with FINTRAC regulations
3. Customer Identification (KYC)
$3,000 CAD Threshold
≥ $3,000 CAD → Valid ID required
- < $3,000 CAD → Generally not required
Special Cases
- Multiple transactions within 24 hours
- Suspicious activity
- Third-party transactions
Information Collected
- Full name
- Date of birth
- Residential address
- Occupation
- Transaction purpose
- Source of funds
4. Large Cash Transaction Reporting ≥ $10,000
All cash transactions ≥ $10,000 CAD must be reported
Includes single or multiple transactions within 24 hours.
5. 24-Hour Rule
Transactions are aggregated within a 24-hour period.
Structuring transactions to avoid reporting is strictly prohibited.
6. Suspicious Transaction Reporting
- Money laundering
- Financial fraud
- No minimum threshold
7. Third-Party Determination
- Identify third party
- Relationship between parties
Transactions may be refused if information is not provided.
8. Monitoring & Risk Management
- Ongoing monitoring
- Detection of unusual activity
- Enhanced internal controls
9. Record Keeping
- Customer records
- Transaction logs
- Regulatory reports
10. Internal Compliance Program
- Written policies and procedures
- Compliance officer
- Ongoing staff training
- Risk assessments
11. Reporting Timelines
- ≥ $10,000 → within 15 days
- Suspicious transactions → as soon as possible
12. Customer Acknowledgment
- Identification may be required
- Some transactions must be reported
- Transactions may be refused if non-compliant
13. Privacy Protection
- Used strictly for regulatory purposes
- Protected under Canadian privacy laws
- Disclosed only when legally required
14. Regulatory Reference
FINTRAC – https://fintrac-canafe.canada.ca
Final Statement
Any attempt to bypass legal requirements will result in service refusal and may be reported to Canadian authorities.
Need Assistance?
Our team is available to answer your compliance-related questions.
