Know Your Client & Due Diligence
Now more than ever MTFX is required to ‘know your client’. This practice has been adopted by MTFX into everything we do. We are required to obtain documentation and identification records to verify our clients’ identities as well as maintain detailed records of all our transactions.
As a registered Money Service Business in Canada, MTFX is obligated to report transactions based on the guidelines set out by FINTRAC Canada. Furthermore, we screen all our incoming and outgoing payments through due diligence database screening for ‘black list’ individuals and entities including: money launderers, organized criminals, fraud perpetrators and as well as terrorist watch lists. Our goal is to ensure that we provide a secure business partner for our clients and assist government authorities in combating the threat of anti-money laundering and terrorist financing.
In addition to transaction based screening and reporting, MTFX has developed a comprehensive compliance regime including the development of policies and procedures, assessments and documentation of risks of money laundering and terrorist financing, implementation of a training program and the appointment of a Chief Anti-Money Laundering Officer. MTFX has gone a step further and has developed proprietary software to integrate all aspects of our compliance regime into our daily operations.
Compliance policies and procedures
MTFX has developed compliance policies and procedures including account opening procedures, client verification processes, face-to-face transactional procedures, payment and settlement procedures and enhanced due diligence procedures. The combination of our procedures and our operational rigor allows us to set ‘industry best’ standards giving you peace of mind on every transaction you do with us.
Enhanced due diligence
Our enhanced due diligence procedures are second to none. We ensure that every payment and settlement is screened to facilitate the detection, prevention and deterrence of money laundering and terrorist financing activities. The value to our clients and our business partners is significant. You can rest easy knowing that you’re in good hands.
Banking relationships
MTFX uses premier banking relationships globally for the payments and settlements of all foreign exchange transactions. Our banking relationships are all ‘schedule one’ banks across major banking centers including Canada, United States, United Kingdom and various banking institutions across Australiasia. Our strong compliance regime facilitates a foundation of collaboration to combat the threats of anti-money laundering and terrorist financing.
