Anti-Money Laundering Policy

Bendix has developed anti-money laundering policies to ensure that company personnel comply with applicable laws and regulations when engaging in foreign exchange services to clients.

Bendix adheres to the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001 and regulations based on that legislation. The company's anti-money laundering policies and procedures are designed to meet the requirements of the legislation by minimizing the opportunity for customers to engage in money laundering activities through transactions in the Forex markets. Bendix procedures are focused on “knowing the customer”. We require two forms of identification:

1) Picture identification, i.e. a passport or driver's license, and

2) One form of identification confirming the customer's address, i.e. phone bill or a utility bill.

Proceeds of Crime (Money Laundering and Terrorist Financing Act

The Proceeds of Crime (Money Laundering) Act was amended in December, 2001 to become the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
The object of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is:

• To implement specific measures to detect and deter money laundering and the financing of terrorist activities to facilitate the investigation or prosecution of money laundering and terrorist financing offences, including
• establishing record keeping and client identification requirements for financial services providers and other persons that engage in businesses, professions or activities that are susceptible to being used for money laundering, and the financing of terrorist activities,
  
• requiring the reporting of suspicious financial transactions and of cross-border movements of currency and monetary instruments, and
• establishing an agency that is responsible for dealing with reported and other information;
• To respond to the threat posed by organized crime by providing law enforcement officials with the information they need to investigate and prosecute money laundering or terrorist financing offences, while ensuring that appropriate safeguards are put in place to protect the privacy of persons with respect to personal information about themselves; and
• to assist in fulfilling Canada's international commitments to participate in the fight against transnational crime, particularly money laundering and the fight against terrorist activities.