Anti-Money Laundering Policy

Overview

We work hard to ensure that every purchase on CBlocks is safe, secure, and doesn't support terrorists.

1. Status as Money Service Business in Canada

We are not classified as a Money Services Business, however we take the same precautions to protect our users.

2. The Proceeds of Crime (Money Laundering) and Terrorist Financing Deterrence Act (“PCMLTFA”)

Just a few steps to ensure we are doing our best to prevent money laundering

  • The appointment of a chief anti-money laundering officer;
  • The development and application of compliance policies and procedures.
  • Instituting lifetime purchase limits of $1000 CAD for any customer or entity that wishes to conduct business.
  • Executing Know Your Customer (“KYC”) procedures on all customers that meet qualifying guidelines;
  • An assessment of our risks as it relates to money laundering and terrorist financing;
  • Monitor transactions for potentially suspicious and attempted suspicious activities for purposes of filing Suspicious Transaction Reports (a “STR”);
  • Maintaining and providing written, on-going compliance training for our employees; and
  • A regular review of our compliance regime to test its effectiveness related to money laundering and terrorist financing every 2 years.

3. Appointment of a Chief Anti-Money Laundering Officer

Getting the right person for the job.

4. Ongoing Monitoring of Business Relationships

If you purchase one of our service offerings, we consider you a business relationship. So, we will treat each and every relationship with the same respect and security.

  • Ascertain the identity of the individual; or
  • Confirm the existence of a corporation or other entity.
  • Collecting the customer’s name and billing address, via address verification service (“AVS”), a multi-layered fraud prevention system;
  • Verifying that the customer’s name and shipping address match their billing details; and
  • Requiring the customer’s signature for delivery.
  • Risk rating all our business relationships;
  • Conducting ongoing monitoring of the business relationship at a frequency commensurate to our clients’ risk; and
  • Keeping a record of the measures that we have taken to monitor the relationship and the information we obtained as a result.

5. Record Keeping

There is no limit to when and if we will submit information to FINTRAC. We will always report suspicious activity.

6. KYC Processes

This is a long read, but we outline how we identify you. When we identify you. What we do if you're a business, non-profit, or just a regular Jim.

7. Record Maintenance

We keep our records in a safe and secure place to easily help with preventing money laundering or terrorist transactions.

8. Suspicious Transaction Reports

We will report anything we deem as suspicious to FINTRAC. As a member of the Canadian community we will do our part to help compat terrorism and money laundering.

9. Continual Monitoring of Business Relationships

As part of our efforts to prevent money laundering or terrorist funding we will continually monitor each transactin that happens on CBlocks.