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Anti-money Laundering

Interac has updated the Operating Regulations for Acquirer business partners to include new rules for White Label ABM Cash Owners effective March 1st, 2009.  Acquirers have been given 3 months to communicate and educate Sales Organizations on the new regulations.

These requirements were developed in consultation with the government, law enforcement, members and industry representatives in response to concerns raised by the Financial Action Task Force (FATF).  The FATF is an international body responsible for setting standards for anti-money laundering (AML). These new rules are intended to mitigate the risk of money laundering at White Label ABMs in Canada .

Effective immediately we are obligated to meet certain minimum requirements with regard to Anti-Money Laundering. These include having policies, procedures and internal controls for customer identity verification, report filing and other compliance matters, as well as education of personnel in the AML Program. 

As a result of these new requirements Interac has mandated that all Cash Owners be categorized as either Low Risk or High Risk depending upon certain criteria set by Interac outlined in adjacent box.