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Compliance

Compliance Regime

We at TEHRANTO TRADE are highly committed to respecting the confidentiality of our customers, while adhering to the current compliance regimes and regulations. Our customers are aware of our statutory regiments and that we are bound to disclose information about a transaction when such a transaction shall be submitted to FINTRAC for compliance purpose.

We take compliance, regulatory and legislation very seriously. Through the activities and programs of our compliance department, we protect both our corporate assets and those of our client. The information regarding compliance are matte of public record, having said that , we do not share , trade , sell or in any way disclose personal or corporate information unless as required by law.

MONEY LAUNDRY

Overview

Money laundering occurs when someone knowingly conceals the illegal source of their funds by conducting transactions designed to make their funds appear “clean.” Deception is at the heart of money laundering. The objective is to deceive the authorities by making assets appear to have been obtained through legal means or appear to be owned by unrelated third parties. Drug traffickers, organized crime, and terrorists, just to name a few, are the targets of the anti- money laundering and the Proceeds of Crime law. Since the attacks of September 11, 2001, a new money-laundering trend has emerged. Instead of attempting to “clean” illegally gotten funds, terrorists may use legally obtained money and transform it into funds used for illegal terrorist activities.

RISKS OF MONEY LAUNDERING

  • Impact on our communities and our country (drugs, terrorism, crime, etc.)
  • Damage to our reputations
  • Substantial penalties, fines, and imprisonment (for violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and implementing regulations)

It is a crime to engage in a financial transaction knowing that the transaction involves the proceeds of drug trafficking, tax evasion, terrorist activities, or other illegal activities. “Knowing” also includes choosing to ignore red flags that indicate that the funds could be derived from illegal activities. This is called “willful blindness.”

We at TEHRANTO TRADE, take reasonable efforts to find out whether there are civil or criminal sanctions imposed against the foreign financial institution in respect of anti-money laundering or anti-terrorist financing requirements based on publicly available information and from the FINTRAC website.

CLIENT IDENTIFICATION

If TEHRANTO TRADE has an on-going business relationship with a client, we will have to keep any client information records that is created. A client information record sets out our client’s name, address and the nature of the client’s principal business or occupation. Which also includes the following information?

The individual’s date of birth; and the type of document used to confirm the individual’s identity, its reference number and its place of issue.

If TEHRANTO TRADE creates a client information record about a client that is a corporation, we must obtain a copy of the part of the official corporate records showing the provisions that relate to the power to bind the corporation regarding the account. This could be the articles of incorporation that set out those duly authorized to sign on behalf of the corporation, such as an officer, the comptroller, etc. If there were changes subsequent to the articles, then the board resolution stating the change would be included in this type of record. When TEHRANTO TRADE identifies an individual, we refer to the individual’s birth or baptismal certificate, driver’s license, passport, record of landing, permanent resident card or other similar document. Examples of other similar documents include an old age security card, a certificate of Indian status, or a card with the individual’s signature and photograph on it. The document must have been issued by a provincial, territorial or federal government.

Please note that TEHRANTO TRADE cannot refer to an individual’s provincial health card from Ontario, Manitoba or Prince Edward Island since health cards cannot be used for this purpose in these provinces.

The document also has to be a valid one. In other words, an expired driver’s license would not be acceptable. When TEHRANTO TRADE refers to a document to identify an individual, it has to be an original, not a copy of the document.

Tehranto Trade Inc.

Location
6113 Yonge St.
Toronto, ON M2M 3W2

Contact Info
info@tehrantotrade.com
Tel: (647) 699-2920