Bidali Inc. ("Bidali", "we", "us", "our", and Company) has developed an Anti-Money Laundering and Anti-Terrorist Financing Policy ("AML Policy") in an effort to maintain the highest possible compliance with applicable laws and regulations relating to anti-money laundering and terrorist financing. Our policies and procedures meet or exceed legislative requirements in Canada and reflect how we manage money laundering and terrorist financing risks posed to Bidali in order to provide a robust, compliant platform.
Bidali is registered with the Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC") as a Money Service Business ("MSB") and cooperates fully with FINTRAC and other law enforcement agency requests in their efforts to detect, prevent, and deter money laundering and terrorist financing. You can view our registration status here.
In accordance with the prescribed legislative requirements set forth in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act ("PCMLTFA"), our Company is required to fulfill certain record keeping, identification, and reporting requirements. Our Company has chosen to implement and maintain a compliance regime which includes, but is not limited to:
*A customer is presently defined as a person or entity that uses Bidali's payment products and services.
Bidali has adopted a risk based regime approved by its board of directors. Bidali personnel and our board of directors recognize the importance of implementing and maintaining a sound AML Policy that meets or exceeds the requirements of all applicable laws and regulations. As such, our Company has implemented internal policies and procedures to achieve these requirements. The AML Policy is reviewed on a regular basis and, if necessary, revised in an effort to comply with regulatory changes.
Under the PCMLTFA, Bidali has designated a Chief Compliance Officer ("CCO") who is responsible for the implementation and oversight of our compliance regime. Our CCO has the authority and the resources to ensure the ongoing compliance of our Company as it relates to the identification and prevention of money laundering and terrorist financing in the jurisdictions that Bidali operates in. Our CCO and their compliance team can be reached directly at email@example.com.
As per FINTRAC guidance, business relationships are established once a client has an account with your organization. At Bidali an active account, and therefore a business relationship, is defined as when a customer conducts two or more commercial transactions, with the exclusion of closed loop gift card purchases, within a 12 month period. Therefore for business relationships Bidali must:
In addition to the above, Bidali adheres to the following regulatory requirements:
If necessary, we may require our customers to provide additional documentation or information to confirm source of funds for the purpose of the transaction.
Our system employs a combination of automated and manual monitoring procedures with an appropriate escalation process based on risk. Bidali's compliance staff will review any transactions that trigger a system alert and determine if the activities are within the customers’ stated activity and/or normal usage behavior before being completed. In some cases, Bidali will require additional information from the customer such as source of income, proof of employment, proof of corporate registration, nature of the client's business, as well as review of customer’s transaction history.
Prior to a customer being able to perform a transaction using Bidali's products or services, Bidali must identify the customer, known as Know Your Customer ("KYC"), in accordance with applicable regulations. Bidali has a policy which requires all customers to be "verified" in the following circumstances:
All transaction and account limits are denoted in local fiat currency value. Bidali Accounts are presently only made available to residents in certain countries in order to minimize the risk of money laundering and terrorist financing activities. Please see our Restricted Use Policy for more details.
Individual customers may be verified by way of:
Using this method we determine the identity of a customer by referring to a credit file or financial institution account that has been established with a third party credit file provider or financial institution. To be verified, the details provided by the third party must match the name, date of birth and address provided by an individual customer, or match two trade lines within the credit file. If any of the information does not match, the individual will need to use another method to prove their identity.
This method involves referring to information from reliable and independent sources which can be submitted by the individual in original paper form or an un-altered electronic form. As part of the account sign up process, customers are asked to upload to our site the original electronic or paper documents they received or downloaded. All documents must be valid and unaltered in order to be acceptable. If any information has been redacted, it is not acceptable. Such documents typically include, but are not limited to:
Since some of our customers may be corporate entities, non-profits, or charities, 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 collecting and verifying the following information:
We use one or more of the following documents to verify the business information collected:
We confirm the existence of an entity other than a corporation in the same way we do corporations however, supporting documentation that is deemed acceptable is different. Acceptable supporting documentation may include, but is not limited to:
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 and we must record the type and source and corporation’s registration number. In addition, we also require complete beneficial ownership information and identity verification for all beneficial owners of the organization (i.e. any actual person who owns or controls, directly or indirectly, 25% or more of the entity's shares).
We confirm the existence of an entity other than a corporation in the same way we do corporations however, supporting documentation that is deemed acceptable for non-profits may differ. Acceptable supporting documentation may also include, but is not limited to:
If the entity is a not-for-profit organization, we also must:
In addition to confirming the existence of a corporation or other entity, we also must also determine and confirm the accuracy of the entity's beneficial ownership through the following:
If the entity is a corporation:
If the entity is other than a corporation:
Bidali customers who present an elevated risk are required to have their identification information updated at least every two years, or sooner depending on our risk evaluation. Customers who present an elevated risk include (but are not limited to) Politically Exposed Persons ("PEPs") or individuals from certain countries we operate in. This is done by reviewing original identity or entity documents and recording the updated identification or information details for our files as appropriate.
As a registered MSB with FINTRAC, Bidali is required to keep certain types of records depending on the client type and transaction type - this includes records of any STRs or ASTRs submitted to FINTRAC. There is no threshold (that is, no dollar amount) for a suspicious transaction. When we have to send an STR to FINTRAC, we must take reasonable measures, before the transaction is reported, to ascertain the identity of the individual who conducted or attempted to conduct the transaction.
We are required to maintain an effective record keeping system to enable FINTRAC to have access to the records in a timely fashion. Our records have to be kept for a minimum of 5 years, and in such a way that they can be provided to FINTRAC within 30 days of a request to examine them.
Bidali complies with all the reporting requirements as per the PCMLTFA and regulations as enforced by FINTRAC. There are multiple situations where we are obligated to submit reports.
In order to operate legally our Company must report any transactions or attempted transactions where there are reasonable grounds to suspect such transactions relate to money laundering or terrorist activity. There is no monetary threshold for submitting a Suspicious Transaction Report ("STR") or Attempted Suspicious Transaction Report ("ASTR").
Our CCO has the authority to file STRs and ASTRs with FINTRAC and is required to maintain a log of all reports filed in accordance with Bidali's record keeping procedures.
There are two situations where we must send a terrorist property report to FINTRAC immediately:
Where there are economic sanctions, Bidali is required to prohibit or restrict activities in accordance with the legal requirements. In some cases, Bidali may be required to freeze property, in addition to making reports to various government and law agencies.
If in the course of reviewing and monitoring, we identify unexplainable or unusual patterns or activity, we will work to obtain further information so that questions surrounding the suspicious activity are satisfactorily answered. Bidali may also report the activity internally to our CCO who is required to maintain a record/log of all internally reported and perform a review to determine if an STR is to be filed with FINTRAC.
If Bidali cannot reach a clear understanding of the customer's identity, or the sources and movement of funds, it may result in their account being permanently closed. This will be followed by terminating the business relationship and blacklisting the account owner to prevent them from re-opening a new account.
Internally our CCO is responsible for performing an audit of our AML Policy at least annually and presenting the results to the CEO and the Bidali Board of Directors for review. Our AML Policy is updated on a regular basis as we develop new products and technologies and legislation evolves.
Independent review will occur a minimum of once every two years. The independent review of our AML/CTF compliance regime will be performed by a qualified AML/CTF regime auditor as per FINTRAC’s guidelines. The process will assess Bidali's internal controls, transactional systems and procedures. The findings from such examination are sent directly to the CEO and Board of Directors for review.
All Bidali employees and officers receive ongoing broad-based AML training, as well as position-specific training. They must repeat this training at least once every twelve (12) months to ensure they are knowledgeable and in compliance with all pertinent laws and regulations. New employees receive training within thirty (30) days of their start date. All documentation related to compliance training including: materials, tests, results, attendance and date of completion are maintained. In addition, our compliance training program is updated as necessary to reflect current laws and regulations.
If you have any questions or concerns feel free to contact firstname.lastname@example.org.