A Third Party transaction is where you, the conductor of the transaction, are acting on behalf of someone else.
For example, if your employer sends you to us to complete a currency exchange transaction on behalf of them:
- You would be the First Party
- Guardian International Currency would be the Second Party
- Your employer would be the Third Party
There are additional requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) that govern Third Party relationships.
FINTRAC stands for The Financial Transactions and Reports Analysis Centre of Canada and is an independant government agency that reports to the Minister of Finance.
Their mandate is to administer the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
They receive and safeguard all financial transaction reports required by the law.
We are principally governed by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
We are a registered MSB with FINTRAC, our Registration Number is M08442804.
We also adhere to The Personal Information Protection and Electronic Documents Act (PIPEDA).
We are governed by the laws of Ontario and Canada.
We need your identification for any transaction that equals or exceeds $3,000.00 CAD or its equivalent.
If your transaction involves wire or electronic payments the identification threshold lowers to $1,000.00 CAD or its equivalent.
The pickup of banknote orders placed through our new Online Currency Store require identification regardless of the value.
We also reserve the right to request identification on any transaction regardless of the amount.
We need your personal information in order to meet our regulatory requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
The PCMLTFA dictates specific information requirements depending on the transaction details and the nature of the relationship between you and us.
We also may require information from you to meet our internal policies which are inline with industry practices about Knowing Your Client (KYC).