AML (Canada only)
Wirex Payment Card Terms and Conditions ("Terms and Conditions")
Wirex Canada Inc. ("we" or "our" or "Wirex" or "Company") has developed an Anti-Money Laundering ("AML") and Counter-Terrorist Financing ("CTF") Compliance Program in an effort to maintain the highest possible compliance with the legislative requirements relating to anti-money laundering and counter-terrorist financing in Canada. It is Wirex’s policy to prohibit and actively prevent money laundering ("ML") and any activity that facilitates money laundering or terrorist financing ("TF") or criminal activities. Wirex is subject to regulation designed to combat ML and TF as set out in the laws of Canada, the Financial Action Task Force ("FATF") regulations and guidelines. We are registered with the Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC") as a Money Service Business ("MSB") with registration number M18946201 and cooperate fully with FINTRAC requirements.
1. THE PROCEEDS OF CRIME (MONEY LAUNDERING) AND TERRORIST FINANCING DETERRENCE ACT ("PCMLTFA")
Wirex insists on a comprehensive and thorough Know Your Customer ("KYC") and AML compliance framework. In accordance with the prescribed legislative requirements, we have certain verification, record keeping, and reporting requirements. Our Company has chosen to implement and maintain an AML/CTF compliance regime, which includes, but is not limited to:
A. Employing a Chief Anti-Money Laundering Officer ("CAMLO") and Chief Compliance Officer ("CCO") to be responsible for the implementation and oversight of our AML/CTF Program;
B. Establishing robust internal policies, procedures and controls that combat any attempted use of the platform for illegal or illicit purposes;
C. Executing Know Your Customer procedures on all customers;
D. Maintaining comprehensive records of transactions;
E. Regularly assessing our risks as it relates to money laundering and terrorist financing;
F. Monitoring transactions for potentially suspicious and attempted suspicious activities for purposes of filing Suspicious Transaction Reports ("STR");
G. Maintaining and providing written, on-going compliance training for our employees; and
H. Reviewing our policies and procedures, risk assessment and training program to test its effectiveness related to preventing ML and TF every 2 years.
2. APPOINTMENT OF A CHIEF ANTI-MONEY LAUNDERING OFFICER
Wirex has appointed a Chief Anti-Money Laundering Officer ("CAMLO") who reports to senior management and the board of directors for establishing and maintaining the AML/CTF program. The CAMLO has the authority and the resources to ensure the on-going compliance of our organization as it relates to ML and TF identification and prevention.
3. POLICIES AND PROCEDURES
Our AML Program has been reviewed and approved by our Senior Management. The Program is regularly reviewed and, if necessary, revised in an effort to comply with applicable rules, regulations and policies. The Policy and related standards (covering such topics as Client Due Diligence ("CDD") and Politically Exposed Persons ("PEPs")), are applicable to all divisions of Wirex globally, and meet or exceed the AML/CTF regulatory standards in each country in which Wirex operates.
4. ONGOING MONITORING OF BUSINESS RELATIONSHIPS
For all business relationships Wirex is required to:
A. Ascertain the identity of the individual; or
B. Confirm the existence of a corporation or other entity;
C. Risk rate all our business relationships;
D. Conduct ongoing monitoring of the business relationships at a frequency commensurate to our clients’ risk; and
E. Keep a record of the measures that have been taken to manage the risk of the relationship and the information that has been obtained as a result.
If necessary, we may require our clients to provide additional documentation or information to confirm source of funds (including digital assets) or the purpose of the transaction. We may also amend their risk rating if the need arises.
Our AML Compliance team will review any transactions that trigger an alert and determine if the transactions are within the clients’ stated activity before being released or completed. In some cases, Wirex will require additional information, which includes, but not limited to the client’s source of income, proof of employment, and nature of the client’s business.
5. RECORD KEEPING
5.1 As a registered MSB, we are required to maintain records of our verification, including information provided by the Wirex account-holder regarding their identity, as well as specific details contained within those documents as well as records of any suspicious transaction reports submitted to FINTRAC.
5.2 Protection Laws, we will retain records of all identification information for five years (six years for residents of Quebec) from the date such information is provided to Wirex or an account is closed, whichever is later.
5.3 The information we hold will be treated as confidential unless disclosure is required to a third party, in which case such disclosure shall be made in accordance with applicable laws and only to the extent required. We are legally obligated to collect and maintain this information, and may be legally obligated to continue maintaining it notwithstanding any request made by you to us to erase such information, where required and permitted under applicable Data Protection Laws and those relating to AML/CTF.
6. VERIFICATION PROCESS
6.1 All Wirex users have to be verified prior to being able to undertake any form of transactions through our platform. Accounts are only made available to Canadian residents with Canadian bank accounts in order to mitigate the risk of money laundering and terrorist financing activities. The users are verified by the documentary means and/ or non-documentary means. Wirex reserves the right to use non-documentary means where necessary to verify the true identity of the Wirex account-holder. To verify the identity of the Wirex account-holder, Wirex may ask you for a copy of your Government-issued proof of identity, as well as proof of the Wirex account-holder’s residential address less than 3 months old or may request any other document evidencing these. As part of the account sign up process, our users are asked to upload to our site the original electronic or paper documents they received or downloaded. All documents must appear to be authentic, valid and current in order to be acceptable.
6.2 We will verify the information provided to us within a reasonable time. Where we find suspicious information that indicates possible money laundering, terrorist financing activity, or other suspicious activity, we will, in conjunction with our CAMLO report that activity in accordance with applicable laws and regulations.
6.3 Where we are not able to confirm with a reasonable degree of certainty the true identity of the Wirex account-holder and/or are not satisfied that the Wirex account-holder presents an acceptable level of risk to Wirex, we may: (1) deactivate or suspend the account; (2) close an account after attempts to verify the Wirex account-holder’s identity fail; and (3) determine whether it is necessary to inform applicable regulators and regulatory bodies in accordance with applicable laws and regulations.
6.4 Wirex may within a reasonable period of time after an account is opened (or earlier, if required by another law or regulation or directive issued in connection with an applicable list), determine whether a Wirex account-holder appears on any government-issued list of known or suspected terrorists or terrorist organisations following which Wirex may, as required and/or permitted by applicable laws, submit such information to applicable regulatory bodies.
7. CORPORATIONS AND OTHER ENTITIES
For corporate clients, we are required to confirm the existence of the entity, and the entity’s beneficial ownership.
We confirm the existence of a corporation as well as the corporation’s name and address, by referring to the following documents:
A. Power to bind the corporation - Articles of incorporation (with Full names and Addresses of all Directors and at least 3 Authorized Signatories (if any));
B. Proof of existence:
a. Certificate of Corporate Status (if incorporated within the previous 12 months);
b. Corporation Profile Report;
c. A record that has to be filed annually under provincial securities legislation; corporation’s published annual report signed by an independent audit firm; or
d. A letter or a notice of assessment from a municipal, provincial, territorial or federal government.
e. Proof of address (utility bill, bank statement or any government record) from the last 3 months f. Trade name registration, if applicable;
g. Beneficiary ownership attestation (BOA) form. Also, names and addresses of the individuals who are the beneficial owners, for example directors or shareholders, i.e. any actual person who owns or controls, directly or indirectly, 25% or more of the corporation’s shares. If there is no individual or entity that covers this requirement (i.e. public entity), information confirming this must be provided;
h. Signed Corporate Resolution;
i. Completed Wirex corporate registration (including the nature of business, source of funds and estimated monthly volume parts).
7.2 Entities other than corporations
We confirm the existence of an entity other than a corporation by referring to a partnership agreement, articles of association or any other similar record that confirms the entity’s existence. In confirming an entity’s existence, we must be able to refer to a paper or electronic record and retain a copy of it. Verbal confirmation is not sufficient. Electronic records must be from a public source, which states the type of business and the registration number.
7.3 Not-for-profit organization
If the entity is a not-for-profit organization, we are also required to do the following:
A. Determine whether or not the entity is a registered charity for income tax purposes
B. If that entity is not a registered charity, determine whether or not it solicits charitable financial donations from the public
7.4 Beneficial Ownership Records
In addition to confirming the existence of a corporation or other entity, we also must determine and confirm the accuracy of the entity’s beneficial ownership through the following:
A. If the entity is a corporation:
a. The name and occupation of all directors of the corporation; and
b. The name, address and occupation of all individuals who directly or indirectly own or control 25% or more of the shares of the corporation.
B. If the entity is other than a corporation:
a. The name, address and occupation of all individuals who directly or indirectly own or control 25% or more of the entity.
Please note, the requirement to find out ownership of 25% or more is discretionary. We may request to be provided ownership under 25% on a case-to-case basis.
8. RECORD MAINTENANCE
We must keep our client information up to date. For clients that have a customer file with us, we will, at a minimum, update the client identification at least every two years. This is to be done by reviewing original identity documents and recording the identification details for our files as appropriate. We are required to maintain an effective recordkeeping system to enable FINTRAC to have access to the records in a timely fashion. Our records have to be kept in such a way that they can be provided to FINTRAC within 30 days of a request to examine them.
9. SUSPICIOUS TRANSACTION REPORTS (STRS)
The Company must report any transactions or attempted transaction that we suspect relates to money laundering or terrorist activity financing regardless of the amount. There is no monetary threshold for submitting a Suspicious Transaction Report. The CAMLO has the authority to file STRs with FINTRAC and is required to maintain a log of all reports filed. Tax evasion is also considered a predicate offense for money laundering; accordingly, if we suspect transactions are being undertaken to avoid or evade paying income taxes we need to report the transactions as suspicious to FINTRAC.
10. TERRORIST PROPERTY REPORTING REQUIREMENTS AND SANCTIONS
There are two situations where we must send a terrorist property report to FINTRAC immediately: A. Knowing that property is owned or controlled by or on behalf of a terrorist or terrorist group; and B. Believing that a property is owned or controlled by or on behalf of a listed person.
11. DE-MARKETING/CLOSING OF ACCOUNTS
If in the course of reviewing and monitoring we identify unexplainable or unusual activity, we will request to obtain further information so that these discrepancies can be satisfactorily answered. If required, the activity in question will be escalated to the CAMLO who is required to maintain a record/log of all internally generated reports. A review will be conducted to determine if an STR is to be filed with FINTRAC. If we have not reached a clear understanding of the sources and movement of funds, it may result in the account being permanently de-marketed/closed. This will be followed by terminating the relationship with the de-marketed account owner and placing them on the de-market list without the right of re-opening a new account unless authorized by the senior compliance/AML officials.
Last updated on September 4, 2018.