AlertPay’s Anti-Money Laundering and Anti-Terrorist Financing Policies

AlertPay is a Canadian Registered Corporation and a United States Registered Corporation which complies with the regulations of the Office of the Superintendent of Financial Institutions Canada (OSFI) and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). We fully integrate the principle of Know Your Customer (KYC) to ensure a safe and secure system for all our members, yet we respect your privacy fully, and stand by our Privacy Policy to ensure your identity is secured with us.

AlertPay is defined as a Money Services Business by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLFTA). Consequently, AlertPay has established policies in regards to KYC account verification, as well as specific policies for verifying Business and Personal account holders that meet or exceed existing legal and regulatory requirements.

AlertPay continuously trains and educates employees to takes measures to evaluate and report attempts to launder money or finance terrorism. AlertPay regularly updates its policies and processes, systems and technology, and training programs to assure that we are well equipped to combat money laundering and other financial crimes, and assist governments in the war on terrorism. We are fully committed to remaining vigilant to prevent those who aim to abuse our system.

WHAT IS FINTRAC?

The Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, is Canada's financial intelligence unit, a specialized agency created to collect, analyze, and disclose financial information and intelligence on suspected money laundering and terrorist activities financing . Created in July 2000, the Centre is an integral part of our country's engagement in the global fight against money laundering and the financing of terrorist activities (FINTRAC, 2007).

WHAT IS MONEY LAUNDERING?

Money laundering is the process used to disguise the source of money or assets derived from criminal activity. Profit-motivated crimes span a variety of illegal activities from drug trafficking and smuggling to fraud, extortion, and corruption. The scope of criminal proceeds is significant; it is estimated at some $500 billion to $1 trillion (U.S.) worldwide each year (FINTRAC, 2007).

WHAT IS TERRORIST FINANCING?

Terrorist activity financing may involve funds raised from legitimate sources, such as personal donations and profits from businesses and charitable organizations, as well as from criminal sources, such as the drug trade, the smuggling of weapons and other goods, fraud, kidnapping, and extortion. Terrorists use techniques like those of money launderers to evade authorities' attention and to protect the identity of their sponsors and of the ultimate beneficiaries of the funds. However, financial transactions associated with terrorist financing tend to be in smaller amounts than is the case with money laundering, and when terrorists raise funds from legitimate sources, the detection and tracking of these funds becomes more difficult. (FINTRAC, 2007)