Terms & Conditions
Anti-Money Laundering and Anti-Terrorist Financing
This policy is intended to demonstrate that the business of 7761449 Canada Inc, operating as Yellow Advances is subject to enterprise wide anti-money laundering policies and procedures.
The primary purpose of Yellow Advances Anti-Money Laundering/Terrorist Financing & Suspicious Transactions Policy is to comply with federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act the United Nations Suppression of Terrorism Regulations and the Criminal Code of Canada, collectively referred to as the “Anti-Money Laundering Laws”. Yellow Advances is regulated by the Office of the Superintendent of Financial Institutions (“OSFI”).
The Policy is designed to highlight key safeguards that are implemented to protect against the occurrence of illegal money laundering of monies, assets or funds and the financing of terrorist activities. The Policy is created to make certain that appropriate client information is acquired and legitimate business activities are distinguished from illegal or suspicious activities therefore, ensuring that only legitimate transactions by legitimate clients are permitted. The Policy is supported by our internal compliance regime that includes the appointment of a designated compliance officer, development of applicable policies and procedures, periodic review of the effectiveness of these policies and procedures and ongoing compliance training and monitoring.
Yellow Advances emphasizes the importance of adherence to Anti-Money Laundering Laws to our clients, intermediaries and service providers. No client is approved without proper provincial or federal photo identification. All clients must be a licensed realtor tied to a registered brokerage within Canada.
Transactions are reviewed on a reasonable grounds basis as there are no defined guidelines for determining if a transaction is suspicious. As there is no concrete definition of suspicious transaction, our employees rely on their professional judgment to determine what is reasonable in our normal business circumstances. In making our decision we consider the comprehensive list of common indicators and a list of specific indicators relating to business/financial transactions, both provided by the Financial Transactions and Reports Analysis Centre (FINTRAC), to determine if a transaction is a suspicious transaction. If a transaction is deemed a suspicious transaction, Yellow Advances will take steps in accordance with FINTRAC guidelines, in the event that we know (rather than merely suspect) that the transaction is related to money laundering or terrorist activity, we will not complete the transaction as Anti-Money Laundering Laws mandate the funds to be frozen. All electronic funds transfers are registered and correspond to a specific deal. Each deal has been registered with mls as well as all property registration data bases throughout Canada. Electronic funds are only available for deposit to accounts within Canada, funds are only advanced to registered licensed Canadian real estate agents and brokers. Transaction amounts never exceed $10,000.00.
Documentation Procedure Policy:
All and every deal advanced by Yellow Advances is subject to a documentation review checklist; which is confirmed by various third parties, in most cases the law firm representing both the buy and sell side of a given real estate transaction.
It is Yellow Advances policy not to maintain relationships with shell banks (defined as banks having no physical presence in any jurisdiction and no affiliation to a bank which does).
For further information, please contact:
Oakville, ON, L6M 0C2